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Sherritt International Corp. (TSX:S) announced on December 24 that it plans to divest its coal assets to the tune of $946 million. Westmoreland Coal Company (NASDAQ:WLB) and a group led by Altius Minerals Corp. (TSX:ALS) will be acquiring the assets.
Sherritt International Corp. (TSX:S) announced on December 24 that it plans to divest its coal assets to the tune of $946 million. Westmoreland Coal Company (NASDAQ:WLB) and a group led by Altius Minerals Corp. (TSX:ALS) will be acquiring the assets.
Moving forward, Sherritt will focus on its core businesses.
As quoted in the press release
A group led by Altius Minerals Corp., will acquire Sherritt’s entire royalty portfolio and its interest in coal development assets for cash consideration of $481 million, subject to closing adjustments.
Westmoreland Coal Company (“Westmoreland”) will acquire Sherritt’s operating coal assets, currently described as the Prairie and Mountain Operations, for total consideration of $465 million, comprised of $312 million in cash and the assumption of capital leases presently valued at $153 million, subject to closing adjustments.
Click here to read the full Sherritt International Corp. (TSX:S) press release.