Arch, Consol aim to create a coal-export powerhouse

The new company will own 11 mines producing thermal coal for power plants and metallurgical coal for making steel. — Bloomberg

NEW YORK: US coal producer Arch Resources Inc agreed to merge with rival Consol Energy Inc in a US$2.3bil deal aimed at creating a North American mining heavyweight to deliver the fuel around the world.

The companies announced the transaction in a statement yesterday after the deal talks were reported earlier by Bloomberg.