Jim Justice announced February 17, that he has repurchased Bluestone, a mining facility in McDowell and Wyoming counties, from the Russian company he initially sold to in 2009, Mechel OAO and has plans to reopen a new company, Bluestone Resources, Inc.
The Justice family sold U.S. coal producer Bluestone Coal Corp. to Mechel in May 2009 for $436 million in cash and 83.3 million Mechel preferred shares. At the time, Mechel was Russia’s largest producer of steelmaking coal.
In making the announcement, Justice reported the new company is projected to create 150 coal mining jobs within the first three months and continue to grow for the future.
“You cannot tell the story of the United States without including coal, and West Virginia coal has been the engine for our nation for over a hundred years,” said Justice. “Today’s announcement shows that the coal industry and over 150 West Virginia coal miners in the near term will be going back to work producing coal to make the highest quality steel for our nation and the world as well. West Virginia coal miners have done the heavy lifting in our country for generations. We are now prepared to build toward the future and increase jobs in Southern West Virginia.”