Coal news and updates

Anglo American finalizes sale of Peace River Coal to Conuma Resources

Photo of the Quintette mine in Tumbler Ridge, B.C. (Courtesy: Conuma Resources)

The resource sector in the Peace Region is poised for another significant boost with Anglo American finalizing the sale of Peace River Coal to Conuma Resources.

Based in Tumbler Ridge, Peace River Coal was the only coal asset owned by the multinational mining company in Canada.

Anglo American initially acquired the mine in 2011 in a deal valued at $166 million USD. However, production ceased in 2014, and the mine was placed into ‘care and maintenance’ after coal prices plummeted.

Anglo American announced the completion of the all-share deal February 11th. The sale, originally announced in October of last year, was contingent on regulatory approvals.

The mine will aid Conuma in expanding its steelmaking coal production in the Peace Region, an effort they’ve been working on to revive the coal mining sector. Last September, after 24 years, they reopened the Quintette Mine.

CEO Brian Sullivan has also committed to ensuring sustainable mining practices.

“The addition of Peace River Coal to Conuma demonstrates our commitment to communities and our business partners,” said Sullivan.

The company will continue to collaborate with Anglo American, Saulteau and West Moberly First Nations to develop the Caribou Recovery Project. This initiative will see part of the mine voluntarily given up to protect the caribou habitat.

“I want to congratulate our friends and neighbours in the District of Tumbler Ridge, and the Province, Canada, and Anglo American and Conuma. Working together we can recover endangered caribou populations, attract investment, and create and protect skilled jobs right here in BC and Treaty 8,” said Rudy Paquette, Chief of Saulteau First Nation.

No official date for the reopening of the mine has been announced.