Sherritt completes coal business sale

On April 28, 2014, Sherritt International Corporation (Sherritt) completed the divesture of its Canadian coal business for a total consideration of C$946 million.

Pursuant to a plan of arrangement, announced December 24, 2013, Sherritt's operating coal assets, described as the Prairie and Mountain Operations, were sold to Westmoreland Coal Company (Westmoreland) for a total consideration of C$465 million and its royalty interests in coal and potash were sold to a group led by Altius Minerals Corp. (Altius) for a cash consideration of C$481 million.

Sherritt is a world leader in the mining and refining of nickel from lateritic ores with operations in Canada, Cuba and Madagascar.

Westmoreland is the oldest independent coal company in the United States, whose coal operations include sub-bituminous coal mining in the Powder River Basin in Montana and Wyoming, and lignite mining operations in Montana, North Dakota and Texas.

Altius is focused on the mining and resources sector through prospect generation and the creation and acquisition of royalties.

Further information can be found on Sherritt's website.