Alliance buys idled New Elk coal mine in Colorado

Junior Allegiance Coal has formalized an agreement with Cline Mining Corporation to acquire new Elk Coal Company, which owns the New Elk hard coking coal project, in Colorado.

The two companies last year struck a one-year option agreement allowing Alliance to acquire the mine, which had been on care-and-maintenance since 2012, following the fall in coking coal prices and the subsequent bankruptcy of Cline Mining Corporation.