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Corsa Coal to off-load Central Appalachia thermal, industrial coal division

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Corsa Coal to off-load Central Appalachia thermal, industrial coal division

Corsa Coal Corp. has decided to sell its thermal and industrial coal division in Tennessee, Central Appalachia, to a buyer group led by the division's current management team.

As payment for the deal, the buyer will assume certain debt, leases and future costs, including end of mine closure costs, estimated at about US$8.0 million.

The company said March 7 that following the sale it intends to focus on its metallurgical coal assets to increase production and sales.

The Central Appalachia division currently comprises the Cooper Ridge Deep underground mine, and the Valley Creek and Buffalo Creek surface mines.

Corsa Coal noted that it will delay the release of its fourth-quarter and full-year 2017 financial results due to the sale to the week of March 12, from the previously scheduled March 8 release.