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Arch Coal to Sell Utah Mines for $435 Million

Arch Coal Inc., one of the most indebted U.S. coal producers, agreed to sell three Utah mines from its most profitable division for $435 million as the company tries to cut costs amid falling coal prices.

The company will sell the Sufco, Skyline and Dugout Canyon mines and 105 million tons of reserves to closely held Bowie Resources LLC, Arch said in a statement today. Arch said it will record a $120 million pretax gain from the deal.