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Fri August 21, 2009
Arch Coal purchase clears final hurdle
Laramie, Wy – Arch Coal Inc. says it has received antitrust clearance from the Federal Trade Commission regarding its proposed $761 million purchase of Rio Tinto's Jacobs Ranch coal mine in Wyoming.
Arch says it expects the transaction to close within the next six weeks.
In May, Arch said the proposed purchase had been slowed by the FTC's request for more information before it signed off on the deal.
The Jacobs Ranch mine produced 42.1 million tons of sub-bituminous coal for sale to power generators last year.
The deal was first announced in March.
Arch is one of the world's biggest coal producer. It expects to produce 116 million to 120 million tons of coal this year from mines in Wyoming, Utah, Colorado, West Virginia, Kentucky and Virginia.
Rio Tinto Ltd. is a global mining company with offices in Australia, England and elsewhere.