Advanced Emissions Solutions, Inc. (the “Company” or “ADES”), a leader in environmental solutions for power generation, industrial and municipal water purification markets, announced that it closed its previously announced transaction to sell Marshall Mine LLC, the entity that owns the former lignite mine currently being reclaimed, located in Marshall, Texas (“Marshall Mine”), to Caddo Creek Resources Company, L.L.C. (“Caddo Creek”)
The Company paid $2.2 million to Caddo Creek in exchange for Caddo Creek’s assumption of the Company’s $4.9 million asset retirement obligation related to the mine. The Company will recognize a gain of approximately $2.7 million related to this transaction.
“I am pleased to announce the closing of our Marshall Mine sale to Caddo Creek, which fortifies our balance sheet and further de-risks the organization,” said Greg Marken, CEO of ADES. “Since acquiring Marshall Mine in 2020, working with our partners at Caddo Creek, we have completed a significant portion of the reclamation activities that we set out to accomplish and we are proud of the successes that have been achieved. With the transaction complete, we possess a cleaner and stronger balance sheet better suited to execute our growth plans in 2023 and fulfilling our objective of becoming a leading diversified environmental technology company.”