Swiss mining group Xstrata to acquire Canadian First Coal

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Swiss mining group Xstrata said Wednesday it plans to buy Canadian First Coal for 147 million Canadian dollars ($155.1 million, 107.9 million euros), giving it access to vast fields in western Canada.

Xstrata Coal, a subsidiary of the mining giant, said the deal would potentially allow the company to explore 94,000 hectares of fields in British Colombia, Canada.

Xstrata said it had already secured over 50 percent of shares in the Canadian group, and that First Coal's board was asking remaining shareholders to support its offer of 1.75 Canadian dollars per share.

© 2011 AFP

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