Westmoreland Coal Co. (NasdaqGM:WLB) agreed to acquire San Juan Coal Company from BHP Billiton New Mexico Coal, Inc. for approximately $130 million in cash on May 1, 2015. WSJ entered into a $125 million structured loan with a subsidiary of PNM Resources, Inc. to finance the transaction. The new coal supply agreement and the agreement in principal for Westmoreland to purchase San Juan Mine will not be final or binding until all parties have secured internal approvals. The transaction is subject to approvals from Public Service Company of New Mexico (PNM) securing necessary approvals from the New Mexico Public Regulatory Commission (NMPRC). The transaction is expected to complete at the end of 2015.

As of June 23, 2015, Board of Directors of Westmoreland approved the transaction. As on July 1, 2015 Westmoreland Coal Co. (NasdaqGM:WLB) entered into the definitive purchase agreement to acquire San Juan Coal Company from BHP Billiton New Mexico Coal, Inc. On December 16, 2015, the transaction was approved by the New Mexico Public Regulation Commission. The deal is expected to close by January 31, 2016. BMO Capital served as capital markets advisor for the transaction. WEAVER AND TIDWELL LLP acted as accountant to San Juan Coal Company.

Westmoreland Coal Co. (NasdaqGM:WLB) completed the acquisition of San Juan Coal Company from BHP Billiton New Mexico Coal, Inc. on January 31, 2016.