Consol Energy, Arch Resources strike merger deal to create coal mining giant

in an all-stock deal on Wednesday to create a North American coal mining giant that will be valued at more than $5-billion.

The new company would be called Core Natural Resources, which will trade under a new ticker symbol that the companies are yet to disclose. There has been a lack of investment in new coal mines amid tight emission regulations, but the fossil fuel is expected to remain part of the energy mix for years to come.The combined entity would own 11 mines across six states that produce thermal and metallurgical coal, used for heat generation at power plants and in steel-making.

Arch stockholders will own about 45 per cent of the combined company, with Consol shareholders owning the rest.

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