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Friday, March 9, 2012

Xstrata Coal to acquire Sukunka Hard Coking Coal Deposit

Friday, 09 Mar 2012

Xstrata Coal has agreed to acquire the Sukunka hard coking coal deposit from Talisman Energy Inc for USD 500 million in cash, subject to customary conditions.

Sukunka is located in the Peace River Coalfield of northern British Columbia, contiguous with First Coal Corporation and Lossan tenements acquired by Xstrata Coal in August and October 2011 respectively.

Sukunka has an NI 43-101 compliant coal resource of 236 million tonnes in the Measured and Indicated categories. Norwest Corporation has completed a pre-feasibility study for a longwall mine producing hard coking coal. Xstrata Coal’s technical studies indicate the potential to realise further value from the resource.

Mr Peter Freyberg CEO of Xstrata Coal said that “Based on our due diligence and technical analysis, Sukunka has the potential to be a high quality metallurgical coal mine. Once developed, Sukunka would meaningfully increase our exposure to hard coking coal, while unlocking synergies with our neighbouring assets in the Peace River coalfield and providing additional regional scale.”

Source - Xstrata

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