Xstrata Coal Announces Purchase of Anvil Hill
Monday, September 17th, 2007
Xstrata Coal announce it has signed an Asset Sale Deed with Centennial Coal Company Limited to purchase the Anvil Hill Project for A$425M*.
The Anvil Hill coal project is located in the Upper Hunter Valley, New South Wales (NSW), with the mine plan envisaging production of up to 10.5Mt of both domestic and export grade thermal coal annually over a 20 year period.
Xstrata Coal Chief Executive, Peter Coates, said, â€œThe acquisition of Anvil Hill will add significantly to Xstrata Coalâ€™s NSW thermal portfolio and help to provide continued economic benefits and employment opportunities for the Hunter region throughout its construction and operation.
â€œXstrata Coal is an industry leader with the business principles, experience and capacity to develop the Anvil Hill site in accordance with global environmental and safety standards. We also have a proven commitment to working with the communities which neighbour our operations.â€
Xstrata Coal will consult with landowners and other affected stakeholders following completion of the purchase.
Completion, together with management responsibility for Anvil Hill is expected to occur within 30 days, following Ministerial approval and the resolution of conditions precedent.