Land Betterment Corporation Submits Bid to Acquire Bankrupt Thermal Coal Mine to Upcycle and Repurpose Site

Company bids on bankrupt coal mine in Kentucky to repurpose into other sustainable businesses and uses

SOURCE: Land Betterment Corporation

DESCRIPTION:

FISHERS, Ind., August 27, 2020 /3BL Media/ - Land Betterment Corporation (“Land Betterment” or the “Company”), an environmental solutions company fostering positive impact through upcycling former coal mining and industrial sites to create sustainable community development and job creation, announced today that the Company has made an offer to acquire certain assets associated with a thermal coal mining operation in western Kentucky that is up for sale after it filed for Chapter 11 bankruptcy earlier this year.  With a lack of viable buyers for the mining operation yet to be identified in the bankruptcy process, Land Betterment is coming to the table to bring efficient and sustainable solutions for the area and the workforce.

If it were to be successful in the acquisition, Land Betterment plans to permanently close the thermal coal operations, undertake the complete environmental remediation of the land associated with the mining complex, and establish new businesses on the land to create economic diversification and jobs that support the local communities in a new and sustainable way.  Included in its business plan, Land Betterment will be looking to upcycle the 280 plus acres into an Ag-tech location for indoor vertical farms and a number of bee apiaries. Additionally, the company is also planning the development of a commercial-grade solar farm on up to 200 acres of the impacted land.  

Mark LaVerghetta, Chief Governance Officer of Land Betterment Corporation commented, “As a benefit corporation, we approach all of our projects with all stakeholders in mind. There are a number of reasons that this particular thermal coal operation was not able to operate in a commercially-viable manner, but it was not due to lack of talent from the workforce.   Most importantly, the market is just not there for the long term to justify the amount of thermal coal being produced in the country.  We are looking to present solutions that benefit the environment and the local community for the new economy.  With the large number of thermal coal mines that have permanently shut down as the United States transitions away from coal-based energy, too often are the local communities left without solutions for their future and taxpayers are left to pay for the environmental cleanup. This particular project is a perfect example of when a coal operation becomes irrational, we are able to think outside the box and would be able to step in to drive efficiencies, entrepreneurial spirit, and sustainability with the environment and community in mind.”

This bankrupt coal mine, which once employed approximately 160 individuals, had only been operational since 2018.  It had cited geological challenges and delays as well as a declining regional demand for its product as reasons for its financial troubles.  The timing of the bankruptcy process has yet to be fully determined.

About Land Betterment Corporation

Land Betterment Corporation, an Indiana Benefit Corporation and Pending B-Corp, is an environmental solutions company focused on fostering a positive impact through upcycling former coal mining sites to create sustainable community development and job creation.  The Company utilizes a complete solution-based lifecycle program to restore and rehabilitate the environment and revitalize communities in need of change and opportunity. Land Betterment accomplishes this by identifying un-reclaimed, run-down and neglected coal mining sites, fixing the environment through reclamation and remediation, and then repurposing the land to support a sustainable business that serves the community.  Land Betterment firmly believes that with real solutions it is possible for restoration of impacted areas to live side-by-side long term employment, while building sustainable and safe surroundings for communities and our planet.  For more information visit landbetterment.com or connect with the Company on Facebook, Twitter, and LinkedIn.

Special Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company’s actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements.  These statements are subject to a number of risks and uncertainties, many of which are beyond Land Betterment Corporation’s control.  The words “believes”, “may”, “will”, “should”, “would”, “could”, “continue”, “seeks”, “anticipates”, “plans”, “expects”, “intends”, “estimates”, or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.  Any forward-looking statements included in this press release are made only as of the date of this release.  The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances.  The Company cannot assure you that the projected results or events will be achieved.

Company Contact:
Mark LaVerghetta
317.537.0492 ext. 0
Chief Governance Officer, Corporate Finance
info@landbetterment.com

Tweet me: .@LandBetterment, an environmental solutions company fostering #sustainable impact through #upcycling former coal mining sites, will attempt to acquire a thermal coal mining operation in western Kentucky that is up for sale after it filed for bankruptcy. https://bit.ly/32uGHoS

KEYWORDS: Land Betterment, Land Betterment Corporation, upcycling, upcycling coal mining sites, Thermal Coal Mine

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.