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1990-1999 the price is not disclosed, analysts esti- mate the deal to be worth about $200 mil- lion. The move gives Arch Minerals access to operations and reserves in eastern Kentucky and several high-value coal export contracts. Already a major low-sulfur coal supplier in the West, Amax Coal Industries strength- ened its position as a low-sulfur supplier in the East by paying $100 million for Cannelton Holding Co. and its sizable reserves in West Virginia. Amax is the third largest coal producer and shipped 44 million tons in 1990. Cannelton, a subsidiary of Algoma Steel, operates four divisions, which include surface and underground mines. Of its 138 million ton reserves, 100 million is believed to be low sulfur. *COAL, October 1994 Ashland Coal purchases United Co.'s Dal-Tex Coal Corp., which has extensive low-sulfur reserves in West Virginia, for $250 million. During June 1992, Alabama's largest coal mining company, Jim Walter Resources, ter- minates 720 jobs. Officials cite a weak world economy and poor coal sales for the loss of one quarter of its workforce at four mines. In August of that year, Zeigler buys Shell Mining making it the fourth largest coal company. *Coal Age, December 1997 In March 1993, Hanson Industries traded gold assets to Santa Fe Pacific Minerals Corp. for a couple of coal and quarry assets. Hanson picks up the Lee Ranch mine and 700 million tons of reserves and places the quarries under its aggregate division. The transaction is val- ued at $150 million. Lee Ranch, a surface mine that began mining in 1984, produced 4.1 million tpy of coal under a long-term contract for southwestern utilities. Kennecott Energy made two major acquisitions in March 1993. It purchases Nerco for approximately $470 million and Sun Co.'s Cordero mining complex for $120.5 million. Nerco operates the Antelope and Spring Creek mines, and holds a 50% interest in the Decker mine. Nerco has 639 million tons of reserves and produces 18.3 million tons. Cordero produces 17 million tons and reserves of 385 million. In April 1993, Consolidation Coal acquired Island Creek Coal from Occidental Petroleum. In 1992, Consol produced more than 56 million tons and Island Creek pro- duced about 16 million tons. *Coal Age, November 1998 160 www.coalage.com Amax Coal Industries merged with Cyprus Minerals in July 1993 to form Cyprus Amax, and in November 1993, Pittston acquired five Addington sub- sidiaries. The $157 million deal included 100th Anniversary Special Issue four eastern Kentucky mines that were producing about 3 million tons annually. In June 1994, Kennecott purchased Colowyo Coal from W.R. Grace & Co. for $253 million. The move increases Kennecott's coal reserves to more than 1 billion tons. The Colowyo mine in Colorado produced 4 mil- lion tpy and would increase Kennecott's total production to more than 40 million tpy. Peabody Holding purchased Carter Mining Co. from Exxon Coal USA in September 1994. The sales price was not dis- closed. Carter Mining operated the Rawhide and Caballo mines in the PRB. Both mines produced 25 million tons in 1993. Ashland Oil acquired a majority of the stock in Ashland Coal in January 1995 and speculation of a merger between Ashland Coal and Arch Minerals begins. Ashland Oil owns 50% of Arch Minerals. In February 1996, Zeigler subsidiary Triton Coal launched the North Rochelle mine. After transferring the ownership of several of its Virginia Division operations to Intrepid Coal in October 1996, Westmoreland Coal Co. and its four sub- sidiaries filed for Chapter 11 bankruptcy citing $160 million in retiree benefit obli- gations. The company said filing Chapter 11 would protect it from demands by the UMWA pension and benefits fund. In March 1997, Ashland planned to merge the two coal companies it controlled, Ashland Coal and Arch Minerals, in a deal that would create the nation's fifth largest coal company. Kennecott Energy acquired the assets of Caballo Rojo Inc. for $99 million. The Caballo Rojo mine, located adjacent to Kennecott Energy's Cordero Complex. The Atlantic Richfield Co. (ARCO) decided to withdraw from the coal busi- ness in May 1997 disposing of its U.S. and Australian coal mining operations. In the U.S., ARCO owned the Black Thunder and Coal Creek mines in Wyoming, the West Elk mine in Colorado, and Canyon Fuel Co. in Utah, which operated three under- ground mines. In September 1997, A.T. Massey pur- chased United Coal Co. for an undisclosed sum, giving Massey its first mines in Virginia. The purchase included two mining com- plexes: Wellmore, near Big Rock, and Know Creek, near Richlands. Similar to other oil companies, Kerr- McGee announced it would exit the coal business in March 1998. Kennecott Energy bought Jacobs Ranch from Kerr McGee for $400 million. August 2012