By MEAD GRUVER
CHEYENNE, Wyo. (AP) – Coal developers working against the trend of mine closures and bankruptcies say a $90 million investment will enable them to open two new mines in West Virginia and Virginia next year.
The mines would extract metallurgical coal, the type used for steel production. Most metallurgical coal in the U.S. is exported to other countries.
Kentucky-based Ramaco Development announced Tuesday it has completed a $90 million deal with two private equity firms.
Ramaco CEO Randall Atkins tells The Associated Press the mines will directly create some 400 jobs in a region with unemployment far above the national average.
Ramaco also has been seeking to open a mine in northern Wyoming that would supply coal to power plants for generating electricity.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.