Australian coal producer Xstrata announced on August 8 that it has completed the acquisition of Canada-based First Coal Corporation (First Coal) and that First Coal is now a wholly-owned subsidiary of Xstrata Coal Canada.
The purchase of First Coal, for an all-cash consideration of CDN$147 million (US$153 million), provides Xstrata Coal the access to coking coal exploration leases in British Columbia, Canada. First Coal holds licenses or applications for licenses in respect of approximately 94,000 hectares in the Peace River Coalfield.