Ranger Energy Investments
Ranger Energy Investments is an acquisition vehicle for West Virginia businessman Jim Justice, who bought the Grienbrier resort that is now a gambling venue in White Sulphur Springs, West Virginia. On September 29, 2010, Ranger Energy Investments entered into an agreement to acquire National Coal as a wholly owned subsidiary of Ranger by the end of the year. Under the terms of the agreement, Ranger Energy will pay $1 per share in cash for each share of National Coal common stock, including shares issuable upon exercise of options. In April 2010, Ranger Energy acquired certain National Coal assets located in Devonia, Tennessee, and in and on its New River Tract site for an aggregate sales price of $11.8m.
Existing Coal Mines
New Coal Mines
National Coal Mine 12 is a newly planned National Coal Corporation mining operation in Knoxville, Tennessee, announced in July 2010. National Coal said when the mine is fully operational it is anticipated to add about 40,000 tons per month, or 480,000 tons per year, to the Company’s production. Sales will be targeted to the specialty coal market. After receiving the final permit, construction of Mine 12 has begun. Production at Mine 12 will be ramped-up over a period of 18 months, with first production planned in the fourth quarter of 2010.
National Coal’s operations in Tennessee include the coal mineral and mining rights to approximately 79,000 acres of land, along with mining complexes that currently include one active underground mine and one active surface mine. In addition, National Coal continues to own and operate one preparation plant and one unit train loading facility served by the Norfolk Southern Railroad.
- "Ranger Energy Investments acquires National Coal" volunteertv.com, Sep. 28, 2010.
- "Ranger Energy to acquire National Coal" EBR, Sep. 29, 2010.
- "National Coal Corporation announces construction on Mine 12" National Coal Press Release, July 1, 2010.