01/08/2013 07:40 EST | Updated 03/10/2013 05:12 EDT

Riversdale Resources Buying Coal Assets From Devon And Consol Energy In Alberta's Crowsnest Pass

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393713 10: Coal is poured into a barge that will be moved to a steel plant August 26, 2001 in western PA. The coal mining industry, once nearly extinct in Pennsylvania, has made a recent comeback as a centerpiece to President Bush''s energy plan. Since February of 2001 the price of coal has doubled to more than $40 a ton and over a thousand miners have gone back to work in Pennsylvania this year alone. Coal mining, while dangerous, dirty work, is still one of the best paying occupations in western Pennsylvania, with the average wage over $18 an hour with up to $6 an hour more in benefits. (Photo by Spencer Platt/Getty Images)

BLAIRMORE, Alta. - An Australian-based mining company is acquiring a portfolio of coal assets from Devon and Consol Energy in Alberta's Crowsnest Pass.

It totals more than 35,000 acres near Blairmore and Coleman.

Riversdale Resources will buy the coal properties and freehold land assets for more than $47 million.

Steve Mallyon, managing director for Riversdale, says the Crowsnest Pass is a great fit for them.

He says the municipality has helped the company engage the community and they'll start their program in about a month or so.

Mallyon says Riversdale sees the right combination of coal quality, geology, and infrastructure and more importantly they see a company which has a long history with coal and people living there who still work in the industry.

Crowsnest Pass Mayor Bruce Decoux says this will broaden the region's economic base and strengthen the local economy.

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