Pursuits
Mines in America's Coal Country Just Sold for a Total of Nothing
- Cambrian Coal buys Teco Coal LLC with no up front payment
- Teco may receive $60m should coal price reach `certain levels'
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For a reality check on America’s coal industry, consider how much a collection of Appalachian pits just sold for: nothing.
That’s what Booth Energy Group’s Cambrian Coal Corp. paid up front for a Teco Energy Inc. unit that controls a collection of surface and underground mines, a company statement Monday shows. Teco said it may receive $60 million should coal prices reach “certain levels” over the next five years. (Coking coal is at a decade low. Futures are on track to fall for a record fifth straight year.)