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... <br />i <br />Twentymile part <br />of coal mine sale <br />ENGLEW OOD -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 $I billion as <br />part of a deal announced May 13.x•, <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 $l.l 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 />Twentymile, 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 />largest source of property tax rev- <br />enue and paid $1.9 million in prop- <br />erty taxes in 1997. <br />"Twentymile 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 />ingjobs at Twentymile 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 />