Ormet to Sell Mineral Rights for $22 Million - Beckley, Bluefield & Lewisburg News, Weather, Sports

Ormet to Sell Mineral Rights for $22 Million

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HANNIBAL, Ohio - A Delaware bankruptcy judge has given Ormet approval this week to sell mineral rights to a company called Triad Hunter.

On Wednesday, U.S. Bankruptcy Judge Mary Walrath said she would sign a sale order for the $22 million private sale. A sale date for the plant or for the sale of the mineral rights, however, remains unknown.

Last week, Niagara Worldwide purchased the Ormet plant at an auction for more than $25 million. The company is deciding on a plan of action for the plant as they find partners and investors. 

Ohio State Senator Lou Gentile said it's too early for speculation, but he has a plan of action of his own in mind. Gentile said he wants to find the best opportunity, which is to reopen the plant as an aluminum operation once again. The new owners said the Ohio Valley has a strong work force and many other resources that made it an attractive purchase. They have also said they want to find "something that benefits everyone."

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