Shares of James River Coal Co rose about 10 percent before market open on Monday, a day after the coal company agreed to buy metallurgical and steam coal company International Resource Partners LP (IRP)for $475 million in a cash deal. On Sunday, Richmond, Virginia-based James River agreed to buy IRP from Magnetar Capital's unit Lightfoot Capital Partners LP, to get access to the international seaborne coal markets. "James River is transforming itself by basically doubling the size of the company and significantly expanding its met coal presence - all at a very reasonable valuation," Brean Murray Carret analyst Jeremy Sussman said in a note to clients. There has been a surge in coal deals since last year, on rising demand from Asia.
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