RE: Lossan According to this below, it was a little more than 14 million tons. However, I also found that the property purchased by Xstrata from First Coal Corporation for $153m had estimated reserves of 1.6 billion MT (don't know if that was NI 43-101 complient). So maybe the Lossan sale wasn't all that bad and maybe the real winners were Talisman Energy.
| Xstrata Completes Lossan Acquisition |
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| WEDNESDAY, 23 NOVEMBER 2011 09:54 |
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Xstrata Coal has completed its 100% acquisition of the Lossan metallurgical coal deposit from Canadian coal operator Cline Mining for C$40 million. The Lossan deposit is located in the Peace River Coalfield of northeastern British Columbia, and is surrounded by a group of licenses recently acquired by Xstrata Coal through the acquisition of First Coal Corp. in early August 2011. Lossan has an NI 43-101 compliant resource of 240 million metric tons (mt), with 186 million mt being in the measured and indicated categories.
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Xstrata swoops on Canada coal company First Coal for $153 million
Perth (Platts)--28Jul2011/557 am EDT/957 GMT
Xstrata's offer to purchase privately owned First Coal Corporation for C$147 million ($153 million) in cash has been unanimously accepted by the Canada-based metallurgical coal company's directors, said Xstrata in a statement Thursday.
The offer values First Coal's shares at C$1.75 each, a price that has been endorsed as "fair" by the company's financial adviser, said Xstrata in its statement.
Shareholders representing more than 50% of First Coal's equity have agreed to sell their shares to Xstrata under lock-up agreements.
"The proposed purchase of First Coal provides Xstrata Coal with access to coking coal exploration leases in British Columbia, Canada," said Xstrata explaining its motivation for the deal.
First Coal has in its possession licenses or pending licenses to explore for coal in 94,000 hectares of the Peace River coalfield in western Canada and estimated its metallurgical coal resources at 1.6 billion mt in November last year.