Rhino Resource Partners LP (NYSE: RNO) announced that they have signed on for a multi-year coal sales contract for its Pennyrile property Kentucky and announced plans to build a new mine.

As quoted in the press release:

Anticipate cash expenditures of up to $17 million in 2013 and $22 million in 2014 to develop the mine to initial production of 800,000 tons per year by 2015. Additional capital expenditures of $23 million are expected to increase production to 2 million tons per year by 2017.

To view the full press release, click here.