A coal company in West Virginia said on Monday that its stock price surged to record levels on Monday after it said it had struck a deal to sell some of its coal assets.
West Virginia Coal said it was selling the coal holdings in four coal mines in Wyoming, Montana, Montana and West Virginia.
The company said it expects the sale of the coal assets will be completed in the next week.
The coal assets include six mine sites in Wyoming and four mine sites along the Montana border.
The move came after the company said on Tuesday that the company had reached an agreement with the U.S. Department of Justice to help resolve legal disputes related to a $7.5 billion coal mine deal.
The deal, which was first reported by Bloomberg News, also includes a plan to use proceeds from the sale to buy back stock.