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James River Coal

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James River Coal is a Virginia-based company with coal operations in Central Appalachia and Illinois.[1] The company sold 9.6 million tons of coal in 2009.[2]

In March 2011, the company announced plans to purchase International Resource Partners LP for $475 million in cash to "boost coal output and shipping." International Coal’s mines produced 1.9 million tons of coal in 2010, mostly metallurgical coal, used to produce steel.[3]

History

James River Coal was formed in 1988 through the purchase of McCoy Elkhorn and Bell County from Transco Coal Company. In 1992, the company acquired the operations of Johns Creek Coal Company and the Bevins Branch Preparation Plant, both of which are now operated under McCoy Elkhorn. In June of 1995 the Leeco and Bledsoe operating companies were acquired through Transco Coal Company. The Blue Diamond operating company was purchased in 1998. In 1999, James River acquired Shamrock Coal Company, adding mines, reserves, and a preparation plant, as well as the Clover loadout facility, to the Bledsoe complex. Triad was purchased in May of 2005.[4]

In March 2011, James River announced plans to purchase International Resource Partners LP for $475 million in cash. International Resource reported 2010 consolidated revenue of $490.3 million. The purchase would include Logan & Kanawha Coal Co., a coal marketing and trading business. International Resource Partners was owned by Kayne Anderson Energy Development Co., Lightfoot Capital Partners, Tortoise Capital Resources Corp. and a firm controlled by IRP’s chairman, James Harless. James River secured $375 million in financing from Deutsche Bank and UBS for the deal. Deutsche Bank was James River’s financial adviser and UBS advised International Resource.[3]

Coal Mines

Regulatory Issues

On January 9, 2012, the U.S. Justice Department said James River subsidiary Triad Mining Inc. had agreed to pay an $810,000 civil penalty and to restore waterways damaged in the unpermitted excavation and filling of streams that flow into the White River at the surface mine Freelandville East Mine, about 70 miles north of Evansville in Knox and Sullivan counties, Indiana. The company also agreed to obtain the required Clean Water Act permit for stream impacts caused by its surface mining operation.[5]

Three trapped at Jellico Mine

On June 20, 2011, heavy rains and flooding trapped three coal miners underground in James River's Jellico #1 mine in southeastern Kentucky's Bell County. None of the miners were thought to be injured. A spokeswoman at the Mine Safety and Health Administration (MSHA) said the three miners managed to reach a high spot in the mine and were in communication by phone with officials on the surface. The incident began around 6:40 a.m.[6]

Contact Information

Corporate Office
901 E. Byrd Street, Suite 1600
Richmond, VA. 23219
Phone: 804-780-3000
Website: http://www.jamesrivercoal.com/index.htm

Articles and Resources

Sources

  1. "James River: Operations" James River Coal, accessed March 2011.
  2. ""James River: Statistics" James River Coal, accessed March 2011.
  3. 3.0 3.1 Mario Parker, "James River Surges on Plan to Acquire International Resources" Bloomberg, March 7, 2011.
  4. "James River: About Us" James River Coal, accessed March 2011.
  5. "SW Indiana mining company agrees to pay $810,171 civil penalty, restore damaged streams" AP, January 9, 2012.
  6. Howard Berkes, "Rising Water Traps Three Miners In Kentucky Coal Mine" NPR, June 20, 2011.

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