By 9540 South Maroon Circle, Suite 200
Englewood, Colorado 80112 (855) 922-6463 Telephone
NEWS RELEASE Westmoreland Completes Acquisition of Kemmerer Mine Englewood, CO - January 31, 2012 - Westmoreland Coal Company (NasdaqGM:WLB) today announced the completion of the acquisition of Chevron Mining Inc.'s Kemmerer coal mine in Lincoln County, Wyoming. Total consideration for the purchase of the Kemmerer mine included a cash payment of $76.5 million and the assumption of approximately $118.0 million in certain liabilities, including post retirement medical, pension, black lung, and asset retirement obligation liabilities.
"We are pleased to have completed this transaction and look
forward to working with the customers of the Kemmerer mine,"
said Keith E. Alessi, Westmoreland's President and CEO. "We
also welcome the employees of the mine to the Westmoreland
family. The Kemmerer mine is an excellent strategic
acquisition for us and represents both growth and
diversification for our business."
Over the last five years, Kemmerer has produced, on average,
4.8 million tons of high-quality
sub-bituminous coal for sale to the adjacent Naughton power
station, as well as various industrial customers located in
the proximate geographic region. The transaction includes
approximately
118 million tons of coal reserves as of December 31, 2011,
enough for 20 years of production; a skilled and stable
workforce; recently installed state-of-the-art coal
preparation and loadout facilities; strong customer
commitments; and an expansive fleet of well maintained mining
equipment. Additionally, substantially all of Kemmerer's
projected production for 2012 through
2016 is committed and priced under existing sales contracts.
This press release contains "forward-looking" statements.
Forward-looking statements reflect current expectations and
projections about future events, and thus involve uncertainty
and risk. It is possible that future events may differ from
expectations due to a variety of risks and other factors such
as market conditions. It is not possible to foresee or
identify all such factors. Any forward-looking statements in
this press release are based on certain assumptions and
analyses made in light of Westmoreland's experience and
perception of historical trends, current conditions, expected
future developments, and other factors it believes are
appropriate in the
circumstances. Forward-looking statements are not a guarantee
of future performance and actual results or developments may
differ materially from expectations. Westmoreland does not
intend to update any particular forward-looking statements
contained in this press release.
Westmoreland Coal Company is the oldest independent coal
company in the United States. The Company's coal operations
include coal mining in the Powder River Basin in Montana,
sub- bituminous mining in Wyoming, and lignite mining
operations in Montana, North Dakota and Texas. Its power
operations include ownership of the two-unit ROVA coal-fired
power plant in North Carolina. For more information, visit
www.westmoreland.com.
# # #
Contact: Kevin Paprzycki (855) 922-6463
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