International Coal Group Inc. (ICO) announced that it has acquired the former Powell Mountain mining operations located in Lee County, Virginia, and Harlan County, Kentucky.
The transactions were concluded through the purchase of the membership interests of Powdul Acquisition LLC, which owned the preparation plant, and the leasing of coal reserves from Dulcet Acquisition LLC, an affiliate of Penn Virginia Resource Partners, L.P. (PVR). Penn Virginia acquired the membership interests of Dulcet Acquisition LLC in a separate contemporaneous transaction.
The Company expects to begin coal production from the Darby seam deep mine in June 2008.
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