Murray Energy Corp. bought Colombian assets including mines and a port from Goldman Sachs Group Inc. and partnered with two former Goldman Sachs executives to market the fuel, the St. Clairsville, Ohio-based company said in a statement.
Murray, who founded and runs the company that bears his name, blames President Barack Obama’s environmental policies for undermining coal. The acquisition is the latest in a series of deals the fourth-generation miner has made as he expands his operations amid the sector's worst downturn in decades.
“As the United States coal industry continues to be under attack for elimination by the Obama administration, we must look to international markets to ensure our survival,” Murray said in the statement.
With the sale, Goldman Sachs marks the end of operations at its commodities principal investments group, a unit led by Jacques Gabillon that took stakes in physical commodity businesses. The unit produced billions in gains on previous ventures, but lost money on the Colombia investment.
The bank is selling Colombia Natural Resources to Murray for less than $10 million, the Wall Street Journal reported, citing unidentified people familiar with the sale. The bank paid $569 million for the business, which it bought in pieces starting in 2010, according to a presentation released by a Senate panel last year.
Goldman Sachs declined to comment on the deal.
U.S. miners are fighting to stay afloat in the face of cheap natural gas that’s upended the fuel’s dominant position in electricity production, a trend being hastened by tougher emissions standards at power plants. Meanwhile, China has curtailed imports of coal, catching several U.S. producers off guard after they invested billions to increase their footprints earlier this decade when coal prices surged.
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