Pittsburgh-based Consol Energy sold five of its coal mines to focus more on natural gas and coal exports, reports The New York Times.
Nicholas J. DeIuliis, president of the company, which is based in Pittsburgh, said in a conference call with reporters that the five mines being sold to the privately held Murray Energy in the transaction, worth $3.5 billion to $4.4 billion, were “a very profitable business, a very stable business.”
But although they historically represent the center of the 150-year-old company’s business, they have limited growth potential, he said.
Original source: The New York Times
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