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Twentymile Coal <br />sale complete <br />~J. MAHIE SPI4SUBRY <br />Spew.! ni !ha• Dai(y RL'~F <br />STEAh1BOAT SPRINGS - <br />Twenn•mile Coal Co. south of <br />Steamboat Springs and eight <br />other coal mines were sold to <br />RAG Intemational Mining for <br />more than 31 billion. <br />Germany-based RAG <br />Intemational Mining announced <br />\\'ednesday it has completed the <br />purchase of Cyprus Atn.•tx Coal <br />Company (CACC) subsidiary of <br />Cyprus Amax Minerals <br />Company, headquartered in <br />Englewood. RAG Intemational <br />bfining is already involved in <br />coal mining operations in <br />Venezuela, Australia and \Vest <br />Virginia. <br />RAG International Dtining <br />acquired CACC through its indi- <br />rectly wholly-owned subsidiary <br />RAG American Coal Comapm•. <br />After the acquisition, CACC was <br />merged into RACC and will con- <br />tinue its mining operations <br />under the RAG name. <br />John De't1ichiei, executive <br />vice president and chief opcru- <br />ing officer (or Cyprus Amax, said <br />the purchase is good news. <br />"Employees at 't\ventymile <br />will see no impacts taha[soever," <br />he said. "RAG is a German com- <br />p;my whose core business is <br />mining, and '1\ventymile will <br />play a m;t_jor role in their <br />future.° <br />Ta~entymile 371 employees <br />will not see any changes in the <br />short term, but Dei\lichiei said <br />they may see the mining opera- <br />tionsgrow in the future. <br />"The mine has a potential to <br />produce more coal;' he said. "It <br />depends on what the market will <br />demand. R'e are ready to capi- <br />talize on growKh opportunities <br />there:' <br />RAG Intemational executives <br />have taken the last several <br />months to familiarize them- <br />seh~es with CACC operations, <br />DeMichiei said. After the acqui- <br />sition of CACC, RACC wiN oper- <br />ate 17 mines in the United <br />Slates that produce more than <br />70 million tons of coal per year, <br />making it one of the major coal <br />producers in the United Suites. <br /> <br />