Cloud Peak Hosts EPA Administrator
Environmental Protection Agency (EPA) Administrator Scott Pruitt visited the Cloud Peak Energy’s headquarters in Broomfield, Colorado, last month to discuss the agency’s priorities and steps taken during the first six months of the administration and also to hear how the end of the former President Barack Obama administration’s “war on coal” has positively impacted coal jobs and the outlook for the industry.
Pruitt’s remarks focused on his efforts to return the rule of law to the EPA, to bring “a degree of humility” to governance, and to demonstrate that strong and effective environmental stewardship can be achieved without restricting economic growth or negating America’s energy advantage.
Contura Withdraws IPO
Contura Energy has withdrawn the initial public offering (IPO) of its shares of common stock due to capital market conditions. The company’s principal selling stockholders unanimously determined that proceeding with the offering under current market conditions would undervalue the company.
Glencore Acquires Interest in Hunter Valley Operations
Glencore has signed agreements with Yancoal Australia regarding the acquisition of a 49% interest in the Hunter Valley Operations (HVO) coal mine in New South Wales and forming a joint venture (JV) following Yancoal’s acquisition of Coal & Allied (C&A) from Rio Tinto.
Glencore will pay cash consideration of $1.139 billion plus a 27.9% share of $240 million non-contingent royalties over five years and 49% of price contingent royalties payable by Yancoal to Rio Tinto on production from HVO in respect of the C&A acquisition.