Alabama Port to Extend, Improve Coal Exports Capacity (Birmingham Business Journal)
Port Authority purchases Walter Energy properties
The Alabama State Portal Authority will be expanding after finalizing its purchase of two industrial properties once owned by Walter Energy Inc.
The properties, which sit adjacent to the Port Authority’s Choctaw Point Complex at the Port of Mobile, Ala., was bought for $25 million and includes around 35 acres fronting the seaport’s draft channel and a 63-acre industrial tract, according to a Port Authority release.
James K. Lyons, chief executive officer of the Alabama State Port Authority, was pleased with the business deal and said he considered it as “representing a good opportunity for both companies to further our respective long-term business strategies.”
Lyons also said the recent purchases would serve to progress the Authority’s intermodal investment strategies that are geared toward the expansion of its container business
The Port Authority and Walter Energy also agreed to amended terms in its Coal Handling Agreement pursuant to which the Port Authority currently handles the company’s coal exports through the McDuffie Coal Terminal, according to the release. In addition, The Port Authority extended the existing coal agreement and approved certain improvements to its current facility to accommodate future export coal production at Walter Energy’s Alabama mines.
The riverfront property, according to the release, will support expansion for the Port Authority’s growing container terminal. The industrial tract purchased will add land for warehousing, distribution and manufacturing applications.
See article here.