PRC located in British Columbia, Canada, comprises of trend metallurgical coal mine and various exploration leases.
Anglo American acquired the 12.18% interest in PRC, which was held by Northern Energy & Mining for a cash of $76m and has purchased the 12.99% interest held by Hillsborough Resources for $81m.
The firm has also acquired Hillsborough’s royalty rights relating to PRC for $9m.
Anlgo American’s CEO of metallurgical coal business Seamus French said that Peace River Coal is a large and high quality coking coal resource of about one billion tonnes, with well supported power, rail and port infrastructure.
"We see significant resource upside and plan to invest in further exploration studies to ascertain its full long term potential. In the near term, we will be progressing a feasibility study to increase production from 1 Mtpa to 3.5 Mtpa by 2015," French said.
