Just days before Christmas, Teck Resources reportedly inked a deal with Conuma Resources to sell its closed Quintette coal mine in northeastern British Columbia, Canada for C$120 million.
According to Canadian Press, the cash transaction also includes an ongoing 25% net profit interest royalty that will be payable once the buyer’s investment in the mine has been recovered.
Conuma, a steel coal producer, already has three other coal mines in the area: Brule, Wolverine and Willow Creek.
No information was available on Conuma’s plans for the operation, which has been on care and maintenance since 2000 after 18 years of production near the town of Tumbler Ridge.
The transaction is expected to close during the first quarter, the paper reported.
Source: Canadian Press