Jeff Cunha Journalist / Anchor
Published Thursday, October 3, 2024 4:12PM PDT
Anglo American (FILE)
TUMBLER RIDGE — The Peace Region is poised for a significant boost to its resource sector with Anglo American agreeing to sell its Peace River Coal operation to Conuma Resources.
Located in Tumbler Ridge, it is the only coal asset that the multinational mining giant owns in Canada. Anglo American initially acquired the mine in 2011 for USD $166 million, which included payouts to existing stakeholders Northern Energy & Mining Inc. and Hillsborough Resources Ltd.
However, production was halted in 2014, and the mine was placed into ‘care and maintenance’ due to a decline in coal prices.
In a letter dated September 20, 2024, and presented to Dawson Creek City Council Wednesday, Anglo American says they’ve been partnering with Conuma and First Nations partners on the Caribou Recovery Project, which involves voluntarily relinquishing part of the mine to protect caribou habitat.
“Anglo American will continue to work with Conuma, the Government of British Columbia and First Nations partners on this truly innovative environmental management programme, in line with Anglo American’s commitment to helping ensure a lasting and positive legacy,” read the letter.
Details regarding the sale price and the timeline for when Conuma will resume production have not yet been disclosed, with the deal subject to regulatory approvals.
