Consol to Sell Coal Assets for $420 mln

Coal and natural gas producer Consol Energy Inc said it agreed to sell some of its coal assets for about $420 million and would suspend its quarterly dividend once the sale closes.

Pittsburgh-based Consol, which has shifted its focus to natural gas from coal, said it would sell its Buchanan Mine in southwestern Virginia and some other metallurgical coal reserves to Coronado IV LLC.

The deal is expected to close in the first quarter.

Consol said it intends to suspend its dividend beginning with the first declared quarterly dividend after the transaction closes.

Reporting by Anet Josline Pinto