INTERNATIONAL RESOURCE PARTNERS LP ANNOUNCES THE ACQUISITION OF MILLER BROS. COAL, LLC
International Resource Partners LP (“IRP”) today announced that it has acquired substantially all of the coal reserves and certain operating assets of Miller Bros. Coal, LLC, the operating subsidiary of Clearwater Natural Resources, LP of Prestonsburg, KY.
Miller Bros. Coal produces steam coal in Floyd, Knott, Breathitt, Johnson and Martin Counties in Eastern Kentucky and controls over 35 million tons of reserves with the ability to produce up to 3 million tons of coal annually from its 5 mining complexes.
With the acquisition of Miller Bros. Coal, IRP controls over 80 million tons of steam and metallurgical coal and has the ability to produce over 5 million tons annually from its surface and underground mines in West Virginia and Kentucky. In addition, IRP’s coal sales and marketing company, Logan & Kanawha, has increased its access to the CSX and Norfolk Southern rail lines and the Big Sandy River.
The transaction was funded through a capital investment by Lightfoot Capital Partners, LP located in New York, NY.
About International Resource Partners LP
International Resource Partners LP, is a Central Appalachian coal subsidiary of Lightfoot Capital Partners, LP. IRP produces metallurgical and steam coal from surface and underground mines in West Virginia and Kentucky.
In addition to its mining operations, IRP owns and operates coal preparation facilities; four rail load-out facilities; and Logan and Kanawha, a leading
international coal sales and marketing company. For more information, please visit www.irplp.com.
About Lightfoot Capital Partners, LP
Lightfoot Capital Partners, LP, invests directly and indirectly in master limited partnership (“MLP”) qualifying assets and businesses. For more information, please visit www.lightfootcapital.com
WEIR INTERNATIONAL ANNOUNCEMENT
Mr. James R. Gummel has joined Weir International, Inc. (WEIR) as Vice President, effective January 1, 2010. Jim has more than 35 years of mining engineering, technical, and diverse financial experience in the energy industry and related industries. His experience includes mining project evaluations and valuations, reserve and resource valuations, market studies, transaction management, and project finance. Jim’s financial expertise in the mining industry relates to years of experience at GE - Energy Financial Services, where he held the position of Senior Vice President, and at Regions Bank, Bank One Capital Markets, and First Chicago/NBD Capital Markets. Jim has considerable mining experience gained while working for Diamond Shamrock and a US consulting company.
In addition to his involvement with engineering projects for WEIR, Jim will provide WEIR’s clients with financial guidance and recommendations relating to project development and financing.
For over 70 years, WEIR has continuously provided independent professional advice to the United States and International mining and energy industries that has earned WEIR a reputation of independence and objectivity. WEIR is headquartered in Chicago, Illinois.
