Australian mining giant Anglo American Corporation has announced that it has acquired 100 percent ownership of Canada-based metallurgical coal producer Peace River Coal Limited Partnership (PRC) through the acquisition of the remaining 25.17 percent interest in PRC.
Anglo American acquired 12.18 percent interest in PRC held by Northern Energy & Mining Inc. for a cash consideration of US$76 million and 12.99 percent interest held by Hillsborough Resources Ltd. for $81 million plus $9 million to acquire Hillsborough's royalty rights relating to PRC.
Anglo American also stated that they plan to increase production from 1 million mt per year to 3.5 million mt per year by 2015.