Blackjewel gives details on winning bids for seven groups of assets

By Caroline Salls

Pittsburgh, Aug. 5 – Blackjewel, LLC announced the results of several auctions in a notice filed Sunday with the U.S. Bankruptcy Court for the Southern District of West Virginia.

The company said Kopper Glo Mining, LLC agreed to pay $6.35 million in cash and pay royalties with a net present value of $9.1 million for Blackjewel’s Black Mountain and Lone Mountain assets. Kopper Glo will also assume $38.4 million of asset retirement obligations (ARO).

Rhino Energy, LLC has agreed to pay $850,000 in cash and pay royalties with a $208,000 value for Blackjewel’s Virginia subdivision assets. Rhino will assume $6.07 million in ARO.

Coking Coal, LLC has agreed to pay $50,000 in cash and pay royalties with a $2.42 million value for Blackjewel’s Pardee mine assets. Coking Coal will assume $1.2 million in ARO.

Tye Fork Coal Co., Inc. has agreed to pay $400,000 in cash for Blackjewel’s LM6 assets. Tye Fork will assume $75,000 in ARO.

Javelin Global Commodities/BJMS has agreed to pay $125,000 in cash for Blackjewel’s 30% limited partnership interest in Blackjewel Marketing and Sales Holdings, LP and make a $1.4 million settlement payment to resolve sales disputes.

Mark Energy, LLC agreed to pay $2,000 for the LM8 mine owned by the Cumberland Rivercoal LLC debtor.

Meanwhile, Contura Energy, Inc. will pay $33.75 million for Blackjewel’s Eagle Butte and Belle Ayr mines in Wyoming and the Pax mine in West Virginia. Contura will assume $251 million in ARO.

Blackjewel is a Milton, W.Va.-based coal producer. The company filed bankruptcy on July 1 under Chapter 11 case number 19-30289.

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