In the early 2000s, we again acquired mining operations in West Virginia and Kentucky, owning them until 2005, at which time they were sold to a private equity group.
In 2008, an affiliate of ours, along with FirstEnergy Corporation, acquired mining assets and developed them into Signal Peak Energy.
In late 2011, Pinesdale LLC, a fully-owned subsidiary of the Gunvor Group, Ltd., one of the world’s leading commodity traders, purchased a one-third interest in the Signal Peak Energy venture for $400 million. This transaction put the enterprise value of the operations at $1.5 billion inclusive of debt.
Today, Signal Peak has become one of the largest underground coal mines in the world, moving coal internationally to Asia and South America.