The company’s typical acquisition targets are industrial sites it deems “environmentally challenged”. It has reclaimed six US rock quarries to date, “but this is our first coal mine,” said ELT president Randy Jostes.

Martinka mine, located near Fairmont, has not been in operation for more than a decade.

Deed documentation reflects the sale of mining rights to approximately 23,000 acres. Also part of the sale are 1800 surface acres as well as mine portals, coal preparation areas and bathhouses.

While Jostes said the company had no immediate plans to resume production at the site, it believed there were approximately 32 million tons of recoverable coal in the upper and lower Kittanning seams Martinka encompasses.

Jostes feels that acid mine drainage, the site’s principal liability, is outweighed by the value of the mine’s unharvested coal. “What we think is important with this particular acquisition is to hold it and evaluate all our options,” he said.

Jostes also acknowledged a possible future collaboration with New York billionaire Wilbur Ross, who just announced plans to develop a deep mine in neighbouring Taylor County.