JX Nippon takes Xstrata Coal slice
15th Mar 2012
VANCOUVER, Mar 15 – The Australian arm of JX Nippon Oil & Energy has paid $US435M for 25% of Xstrata Coal British Columbia, which holds the 100,000ha First Coal Corporation tenements, Lossan and Sukunka coal deposits.
Xstrata Coal retains 75% of XCBC and will develop, operate and manage the joint venture assets. JX will be exclusive marketing agent for First Coal and Sukunka coal in Japan.
Xstrata has combined the neighbouring Lossan and First Coal tenements into a larger-scale Suska opencut coal project.
Technical studies indicate Sukunka and Suska have the potential to produce up to 9.5Mtpa, most of it hard coking coal with the balance PCI (pulverised coal injection) material.
Xstrata Coal and JX have been partners for many years in the Oakbridge joint venture in Australia. Chief executive Peter Freyberg says they are aiming for a long-term partnership building a substantial metallurgical coal business in western Canada.
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