LOUISVILLE, June 28, 2013 – Bowie Resources, LLC based in Louisville, Kentucky (“Bowie”), and the Galena Private Equity Resource Fund (“Galena”) managed by Galena Asset Management, have announced the creation of a joint venture. The new company will bring together the equity owners of Bowie with Galena to purchase Canyon Fuel Company, LLC (“Canyon Fuel”) from Arch Coal, Inc. for $435 million (USD) in cash. The Canyon Fuel sale has been approved by the Arch Board of Directors and is expected to be completed in the third quarter of 2013.
The new company, Bowie Resource Partners, LLC (“BRP”) will own the Bowie and Canyon Fuel mines and will be based in Louisville, Kentucky, with a regional office in Grand Junction, Colorado. BRP will have an annual productive capacity of 15–17 million tons of thermal coal and a workforce of 1,100 employees. Trafigura AG will be the exclusive marketing agent for all of BRP’s production.
To read more, download the PDF below.