Essar buying Trinity Coal for $600M
Mar 05, 2010 | 11:40 AM
| Scott Robertson, Lisa Gordon
Essar Minerals Ltd., a subsidiary of India's Essar Global Holdings Ltd., will paid $600 million for a central Appalachian coal producer, whose product is apparently partially earmarked for Essar Steel Algoma Inc., the company's Canadian operation.
Sault Ste. Marie, Ontario-based Essar Steel Algoma's access to a metallurgical coal source could eliminate its need for third-party purchases.
The deal to acquire Trinity Coal Co. from Denham Capital Management LP, an energy and commodities focused global private equity firm, is subject to relevant approvals and is expected to close by the end of the month, Denham said in announcing the sale.
The selling price turns out to be $3 per permitted reserve ton, according to one coal source.....
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