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iiiiiiiuiiniuiii 999 Twentymile- Co•a~l sale complete ev J. MARIE SPILSUBRY fng officer for Cyprus - Sve~'~ ~ ~ ~v p+'e-ss _ the purchase is good ne STEAMBOAT SPRINGS - Twentymile Coal Co: south-of Steamboat Springs, and eight other coal mines were sold to RAG International Mining for more than 81 billion= Germany-based RAG International Mining announced Wednesday it had completed the purchase of Cyprus Amax Coal Company (CACC) subsidiary of Cvprus. Amax.. r Minerals Company, 'headquartered in Englewood. RAG lntemational Mining is already involved in coal mining operations in Venezuela, Australia. and West Virginia. RAG International Mining acquired CACC through iLS indi- rectly wholly-owned subsidiary RAG American Coal Comapny. After the acquisition, CACC was merged into RACC and will con- tinue its mining operations under the RAG name. John DeMichiei, executive vice president and chief operat- Atnax,said ws: "Employees a[ Twentymile will see no impacts whatsoever," he said. "RAG is a German. com- pany H~hose core -business is mining, and Twentymile will play a, major role in their future." 7bventymile's 371 employees will. not'see'any changes in the short term, but DeMichiei said they may see the mining opera- tionsgrow in.the future:. "The.mine has a.potenpal to produce more coal,•" he said. `9t depends on what'the market will demand. We are ready to capi- talize on growth opportunities, there." ,RAG International executives have . takeri the last several months to familiarize them- selves with CACC operations, DeMichiei said. After the acqui- sition of CACC, RACC will oper- ate 17 mines in the United States that produce more than 70 million tons of coal per year, making it one of the major coal producers in the United States. 1 f i 1