Louisville, 19 August 2013 - Bowie Resource Partners LLC, a joint venture between Bowie Resources, LLC and the Galena Private Equity Resource Fund managed by Galena Asset Management, has today completed the purchase of Canyon Fuel Company LLC from Arch Coal, Inc. for USD423 million in cash.
The new joint venture combines Bowie and Canyon Fuel mining assets to create a highly competitive coal producing company serving the Western US power generation industry and export markets via the US West Coast. Based in Louisville, Kentucky, with a regional office in Grand Junction, Colorado, Bowie Resource Partners will employ over 1,100 staff and have an annual productive capacity of 15-17 million tons of thermal coal.
"We're delighted to have completed the purchase of Canyon Fuel Company and formed a significant new coal producer in a strategically advantageous location," said John J. Siegel, Chairman of Bowie Resource Partners. "Even as our industry is faced with certain domestic consumptive challenges, we believe we have a niche opportunity to grow our business significantly over the long-term, and we are excited about those prospects."
Bowie Resources, LLC on Tel: +1 502.584.6022 or Email: JSiegel@BowieResources.com
Galena Asset Management on Tel: +44 207 009 1708 or Email: firstname.lastname@example.org
Notes to Editors
Bowie Resource Partners LLC
Bowie Resource Partners is a highly competitive coal producing company serving the Western US power generation industry and export markets. Based in Louisville, Kentucky, with a regional office in Grand Junction, Colorado, the joint venture will employ over 1,100 staff and have an annual productive capacity of 15-17 million tons of thermal coal.
Galena Private Equity Resource Fund
The Galena Private Equity Resource Fund was created in 2012 to invest in equity and debt of small- to medium-sized metals and mining companies in a producing, development or expansion phase. The Fund is managed by Galena Asset Management which was formed in 2003 and is a wholly owned subsidiary of Trafigura Beheer BV. With over USD2.5 billion in managed assets, Galena Asset Management operates from Geneva, London and Singapore, offering investment opportunities through an array of specialized absolute return commodity funds. The funds focus on liquid commodities markets, accessing opportunities through derivatives rather than trading physical commodities. Galena is authorized and regulated in the UK by the Financial Conduct Authority.