Consol Energy’s thermal coal unit CNX launches IPO for 42.2%

CNX Coal Resources, a master limited partnership established by US fossil fuels producer Consol Energy has launched an initial public offering of ten-million common units, representing a 42.2% limited partner interest in the thermal coal business. If in full their option to purchase the underwriters exercised additional common units, this could grow to a 48.5% interest in CNX, which was a new spin-off tasked to run Consol's Pennsylvania coal mines and, possibly, other operations.