Phoenix Coal Company

In 2005, a new player emerged in the American coal landscape, Phoenix Coal Inc. The company focused on the exploration and production of thermal coal from the Illinois Basin, a region known for its significant coal reserves. Under the leadership of President and CEO David A. Wiley and with experienced mining executive Robert M. (Bob) Buchan as Chairman, Phoenix aimed to consolidate smaller coal projects and enhance their efficiency. The company's strategy involved key acquisitions to build a substantial asset base. A notable move was the acquisition of the Gryphon Mining Complex, positioning Phoenix with control over one of the largest contiguous coal reserves in Western Kentucky. This asset was central to their plan to supply the increasing demand for energy from electric utilities. However, the company's journey as a coal producer was short-lived. In a pivotal strategic shift, Phoenix began to divest its primary assets. In late 2009, it sold its surface mining operations to Oxford Mining Company. This was followed by a more definitive transaction in May 2010, when Phoenix announced the sale of its main asset, the Gryphon reserve, to a major U.S. coal producer. This sale marked a complete strategic exit from the coal industry. Announcing the move, Chairman and CEO Bob Buchan stated the company would be renamed Elgin Mining Inc. and would pivot to evaluate new opportunities in the global resource sector. The headquarters subsequently moved from Kentucky to Toronto, closing the chapter on Phoenix Coal and setting the stage for a new venture under a different name.