Walter Industries Inc reports addition of 46m tons of premium hard coking coal reserves

Dec 12, 2008 (M2 EQUITYBITES via COMTEX) -- WLT | Quote | Chart | News | PowerRating -- Walter Industries Inc (NYSE: WLT), a producer and exporter of metallurgical coal, declared on 11 December that Jim Walter Resources has leased approximately 46 million tons of additional high-quality Blue Creek Coal reserves contiguous to its Mine No. 4 and Mine No. 7 operations near Brookwood, Alaska.

The terms of the leases, including royalty rates, are consistent with its existing lease agreements.

According to Jim Walter Resources' chief executive officer, George R. Richmond, the 46m tons of premium hard coking coal reserves are an excellent strategic addition to its existing Blue Creek Coal reserves. The coal is of a similar quality to its other metallurgical coals.

The reserves are adjacent to Jim Walter Resources' current mining operation, which has the potential to expand its production capacity efficiently in the future.