JW Resources Inc., a privately held management and holding company owned by Bayside Capital Inc. and Lawrence M. Clark Jr., announced that through its newly-formed subsidiary Middlesboro Mining Inc. it has completed the acquisition of Bell County and Claiborne County, Tenn. thermal mining operations of Appolo Fuels. This includes approximately 33,000 acres containing an estimated 43 million tons of proven and probable high-quality thermal coal reserves in the Central Appalachian coal basin.
Middlesboro Mining will primarily serve the industrial coal markets and will continue Appolo’s long-standing supply relationships with several “blue-chip” customers. Assets acquired in the transaction include all permits, contracts and real property leases associated with the Middlesboro operations.
It also includes all related infrastructure, including a preparation plant, fully permitted refuse facility with significant remaining useful life and a dual-service unit train load-out facility providing access to both the CSX and Norflok Southern rail networks.
The Middlesboro operations’ diverse mix of surface, highwall and underground mines will be overseen by mining executive William R. “Bill” Snodgrass, who has managed the Middlesboro operations in the past is currently Chief Operating Officer of JW Resources.
JW Resources is a management and holding company focused on identifying, acquiring and operating coal mining and related assets in the United States. The organization currently operates the Straight Creek and Red Bird thermal coal operations, which were acquired in February 2013.
Through the combined Straight Creek and Middlesboro operations, JW Resources now controls approximately 81,000 acres containing an estimated 85 million tons of proven and probable thermal coal reserves serving the utility and industrial markets.
“With Middlesboro’s stable industrial customer base and Straight Creek’s utility supply business, JW Resources now enjoys a diverse mix of customer and end-market exposures, all serviced from our high-quality and low-cost reserves,” said Clark. “We are particularly excited to add Middlesboro’s unique dual-service rail load-out to our strong collection of infrastructure assets. Having access to both the CSX and Norfolk Southern rail networks provides us a significant competitive advantage in serving current and future utility customers.”