Bowie Resource Partners LP, with coal mines in Utah, on Aug. 22 requested that the Securities and Exchange Commission consent to the withdrawal of its Registration Statement on Form S-1 filed with the commission on June 19, 2015.
Said the company: “The Partnership has determined at this time not to proceed with its initial public offering due to market conditions and requests that the Commission consent to this application on the grounds that withdrawal of the Registration Statement is consistent with the public interest and the protection of investors, as contemplated by paragraph (a) of Rule 477. The Partnership confirms that no securities have been sold pursuant to the Registration Statement.”
Bowie said in that June 2015 Form S-1 that it operated three underground coal mines in Utah with a productive capacity of approximately 12.6 million tons per year: the Sufco mine, a longwall operation with a productive capacity of approximately 7.0 million tons per year; the Skyline mine, a longwall operation with a productive capacity of approximately 4.5 million tons per year, and the Dugout Canyon mine, which had been a longwall operation but was converted to a multi-continuous miner operation with a productive capacity of approximately 1.1 million tons per year. These mines were bought earlier this decade from Arch Coal.
As part of Bowie’s domestic sales portfolio, it had multi-year coal supply agreements with PacifiCorp and the Intermountain Power Agency.
The Bowie request to drop the IPO plan comes at a time when several major coal producers, including Arch Coal, are in bankruptcy protection.