BECKLEY, W.Va. — Bankrupt Alpha Natural Resources and the West Virginia Department of Environmental Protection have reached an agreement in principle exceeding $300 million, paving the way for bonding and reclamation of the coal producer’s sites in the state.
The agreement, which is subject to a number of contingencies, says surety bonds posted by Alpha to obtain its mining permits will remain “fully in place,” a statement from the DEP states.
However, Alpha will post an additional $100 million in penal bonds with respect to its active and inactive mines in the state. Alpha will also post $39 million in letters of credit or cash bonds as additional financial assurance for its reclamation and water treatment obligations at other sites in West Virginia…
