McIntyre agreement, management buy of Smoky River Coal

McIntyre Mines says it has an agreement in principle for a management purchase of all of the shares of its wholly-owned subsidiary, Smoky River Coal, which produces metallurgical coal at its mine near Grand Cache, Alta.

The president of McIntyre, Michael Henson, at presstime was out of the country, and could not be reached for comment, but an announcement from the company says the purchaser intends to continue to operate the mine.

The sale is for a nominal cash consideration, and a royalty to be based on net operating cash flows from the coal properties. Completion of the transaction, which is still subject to several conditions including required government approvals, is expected on or about Feb 27.

After completion of the transaction, McIntyre’s principal asset will continue to be its approximate 14% equity interest in Falconbridge Ltd.

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