Vancouver – Hillsborough Resources (HLB-T, HLSRF-O), NEMI Northern Energy and Mining (NNE.A-T) and Anglo American (AAL-L) subsidiary Anglo Coal have completed the consolidation of their northeastern British Columbia metallurgical coal assets to form the Peace River Coal Limited Partnership.
Anglo Coal will receive a 60% interest, serve as operating manager and market all production from Peace River Coal while Hillsborough and NEMI will each hold 20% in the partnership.
Hillsborough and Anglo Coal each contributed their respective joint venture interests in the Horizon property group and the Murray River group, Additionally, Hillsborough chipped in its Bickford property and made a $6.9 million payment to NEMI. Anglo also made cash and payments consideration to NEMI totalling $76.1 million.
NEMI’s put forth its Trend coal property and related assets, including coal preparation plant and rail load-out and its 50% interest in the Belcourt Saxon limited partnership with Closure of the asset combination and cash payments ($63 million directly and $18 million in future consideration) also completes the terms for NEMI’s emergence from creditor protection. All its secured and unsecured creditors have been paid in full.
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