Canada's Sherritt International Corp said on Tuesday it would sell its coal business for $946 million, nearly two months after a wall collapsed at one of its coal mines, releasing millions of litres of wastewater into the Athabasca River. Alberta regulators ordered Sherritt in November to clean up the spill - containing clay, mud, shale and coal fines - and investigate the leaks.Sherritt said on Tuesday it would sell its entire royalty portfolio and stake in coal development assets to a group led by mining company Altius Minerals Corp for $481 million.Westmoreland Coal Co will purchase Sherritt's operating coal assets - Prairie and Mountain Operations - for $465 million.Toronto-based Sherritt said it expects to record a loss of about $460 million on the disposal, of which $308 million will be goodwill related to the purchase of coal assets in 2008.
Altius Minerals Corporation (Altius) is engaged in the generation and acquisition of exploration and evaluation assets, royalties, and investments. Shares of ALS fell by 0.93% or $-0.1/share to $10.60. 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 11670.
Shares of S traded higher by 2.42% or $0.08/share to $3.38. 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 474398.
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