EDMONTON, Alberta LUSCAR COAL has acquired all of the thermal coal assets and other mineral interests of SHERRITT COAL PARTNERSHIP II. Luscar has been the operator of the 50%-owned Genesee mine, the Highvale mine and the Whitewood mine since they were purchased by the partnership in February 2003.
The acquisition was made by an internal reorganization in a complex move by various partners. Luscar, Sherritt Coal Partnership II and Luscar Energy Partnership are all owned by Sherritt International Corp. and Ontario Teachers’ Pension Plan. The coal property acquisition by Luscar involved a distribution by Luscar to its ultimate owners, Sherritt and Teachers’, of approximately 3 million units of Fording Canadian Coal Trust formerly held by Luscar and $70 million in cash. The remaining portion of the coal property acquisition was effected by an equity investment by Sherritt and Teachers’ in the Luscar Energy Partnership.
Learn more about all of Canada’s coal producers at the web site of the COAL ASSOCIATION OF CANADA, www.coal.ca.