| FOR IMMEDIATE RELEASE
INR Energy, LLC Announces Sale of West Virginia Coal Operations To Cliffs Natural Resources, Inc.
$757 million acquisition of INR’s assets to be finalized within 60 days
Richmond, VA. (July 6, 2010) INR Energy, LLC, (“INR”) www.inrenergy.com a privately held producer and exporter of high-volatility metallurgical and thermal coal, is pleased to announce that it has entered into a definitive agreement to sell its West Virginia coal mining operations to Cliffs Natural Resources Inc. (“Cliffs”) (NYSE: CLF) www.cliffsnaturalresources.com.
INR views this transaction as a positive for its employees, shareholders, customers and vendors, as Cliffs is planning to continue aggressive development of the business.
“Cliffs presented an attractive offer to INR along with its assurance that it plans to retain the current operational management teams, continue to aggressively grow the business and treat our employees fairly and equitably,” said Gary Rogliano, INR Energy’s Chief Executive Officer. “Because of those assurances, INR’s Board voted to approve the transaction.”
The transaction is expected to close within 60 days and is subject to customary closing conditions, including Hart-Scott-Rodino review.
INR acquired its West Virginia operations in late 2007 and has since grown the operation from one mine into a world class mining complex serving domestic and international steel mills and power generators. INR’s West Virginia operations currently include two underground metallurgical coal mines — the Powellton and Chilton-Dingess mines, one surface mine — the Toney Fork #2 mine and the Saunders Preparation Plant and Elk Lick Loadout. INR is also developing several additional underground mines within the same Buffalo Creek mining complex.
“Since December 2007, the INR Energy management team has built a very attractive coal business producing low cost, high quality metallurgical & thermal products serving both export and domestic markets. Our confidence in the capabilities of INR Energy’s management team and the investment merits of the coal sector has been rewarded” stated John Calvert, Managing Partner of The Energy & Minerals Group, www.emgtx.com, INR Energy’s founding investor.
INR Energy, LLC is a Richmond, Virginia based company which invests in mining operations, reserve positions and other mineral related infrastructure assets.
Cliffs Natural Resources Inc. is an international mining and natural resources company. A member of the S&P 500 Index, it is the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal.