Canada's Sherritt International Corp said on Tuesday it would sell its coal business for C$946 million ($893 million) to focus on its nickel and oil businesses.Sherritt said it would sell its entire royalty portfolio and stake in coal development assets to a group led by mining company Altius Minerals Corp for C$481 million.Westmoreland Coal Co will purchase Sherritt's operating coal assets - Prairie and Mountain Operations - for C$465 million."(The sale) ... gives us the capacity look at more opportunities to grow those businesses where we feel we have a real differentiating experience," Sherritt Chief Executive David Pathe said in an interview to Reuters.
Altius Minerals Corporation (Altius) is engaged in the generation and acquisition of exploration and evaluation assets, royalties, and investments. Shares of ALS traded higher by 9.62% or $1.02/share to $11.62. In the past year, the shares have traded as low as $9.09 and as high as $13.35. On average, 12684 shares of ALS.TO exchange hands on a given day and today's volume is recorded at 50017.
Shares of S traded higher by 8.88% or $0.3/share to $3.68. In the past year, the shares have traded as low as $3.02 and as high as $6.18. On average, 955239 shares of S.TO exchange hands on a given day and today's volume is recorded at 948008.
Source
