The deal will allow the company to clear debt and expand operations, as well as to increase its cash flow.
Rhino Resource Partners board of directors chairman Dave Zatezalo said the transaction is extremely significant for the company.
"Our goal has been to create value for our unitholders in the energy sector, and this investment has been a great success," Zatezalo added.
Rhino is engaged in producing metallurgical and steam coal in different basins in the US, while it leases coal through its Elk Horn subsidiary.
