Consol Energy Inc. is selling several mines and coal reserves to Coronado IV LLC. for $420 million. It says it will also suspend its dividend as it continues to deal with declining energy prices. The company is selling its Buchanan mine in southwestern Virginia, its idled Amonate mine in southwestern West Virginia and southwestern Virginia and its greenfield Russell County coal reserves in Virginia.
Consol and its peers have had to cut costs and spending as energy prices, including coal, natural gas and oil, continue declining. Proceeds from the sale will be used to pay debt.