Consol Energy to sell five West Virginia coal mines

Mon Oct 28, 2013 8:12am EDT

Oct 28 (Reuters) - Consol Energy Inc said on Monday it will sell five West Virginia coal mines to privately held Murray Energy Corp amid regulatory uncertainty and as it focuses more on growing its natural gas operations.

The company, which was founded during the U.S. Civil War, is selling the mines for $850 million cash, as well as $184 million in future royalty payments for coal reserves.

Murray would also assume $2.4 billion of Consol's liabilities, mostly for worker pensions and other benefits.

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