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iii iiiiiiiiiiiiiiii <br />999 <br /> <br />Twentymile part <br />of coal mine sale <br />ENGLEWOOD - Twentymile <br />Coal Co. south of Steamboat <br />` Springs and eight other coal mines <br />~ will be sold to RAG International <br />Mining for more than $1 billion as <br />part of a deal announced May 13.j`1Rj <br />In exchange for the coal divi- <br />sion, RAG, a German energy and <br />technology firm, will assume about <br />$50 million in debt and give <br />Cyprus Amax cash in a deal <br />reported to total $1.1 billion. <br />~ Despite that sum, Cyprus Amax <br />expects to just break even with the <br />sale, which is subject to approval <br />' by government regulators, <br />' T\ventymile, with its 396 <br />employees, is capable of producing <br />8 million tons of coal a year. The <br />mine is Routt County's single <br />lazgest source of property tax'rev- <br />enue and paid $1.9 million in prop- <br />erty [axes in 1997. <br />"'llventymile Coal Co. is one of <br />the premier coal companies in the <br />world, and RAG is a leading inter- <br />national coal company," said Mike <br />Rounds, a spokesman for Cyprus . <br />Amax Minerals. "I certainly think <br />the employees of Twentymile can be <br />confident that they are going from <br />one industry leader to another." <br />That should mean the well-pay- <br />ing jobs at'I\ventymile are safe, <br />Rounds predicted. <br />`"they are a great coal mine with <br />contracts to fill," he said. "They <br />have to meet those contracts." <br />