Alpha Natural Resources Inc., once the country's second- largest coal miner by revenue, filed for bankruptcy protection earlier this month after losing almost all of its value since 2011. Patriot Coal Corp. and James River Coal Co. have both filed for bankruptcy twice. Arch Coal Inc., the second-largest U.S. coal miner by tonnage, is struggling to restructure some of its debt and stay listed on the New York Stock Exchange after losing 96 percent of its value in the past year.
Murray remains the outlier. While maintaining that the U.S. coal sector is doomed, he’s doubled down on buying mines. In December 2013 Murray spent $3.25 billion to acquire the West Virginia coal operations of Consol Energy Inc., and this spring he bought a stake in rival Foresight Energy LP, which operates in Illinois.
Now, the 75-year-old is looking abroad. Murray is picking up two developed surface mining operations in Colombia, the La Francia and the El Hatillo mines, as well as three undeveloped mines, more than 184 million metric tons of coal reserves, a coal port facility and railway assets, the company said.
- Murray Energy buys Colombian coal mines, The Salt Lake Tribune, August 15, 2017.
3. The White House on Tuesday doubled down on President Trump’s bizarre and debunked claim that massive voter fraud cheated him out of a popular vote victory — and the new leader’s chief spokesman said Trump wouldn’t rule out requesting an investigation into the bogus claims.
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