Sherritt International Corp. is selling coal business

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Tuesday, December 24, 2013

(Reuters): Toronto-based Sherritt International Corp. is selling its coal business for nearly $900 million to focus more on its core nickel and oil operations.

A group led by Altius Minerals Corp. (ALS) will buy Sherritt’s coal-development assets and mining-royalty interests for C$481 million in cash, Toronto-based Sherritt said today in a statement. Westmoreland Coal Co. (WLB) will acquire Sherritt’s operating coal mines for C$312 million in cash and the assumption of capital leases valued at C$153 million.

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