12th Sep 2014 13:52
LONDON (Alliance News) - Anglo American PLC Friday said it will place its Peace River coal operations in British Columbia, Canada into a period of care and maintenance toward the end of 2014.
?Significant reductions in operating costs and reduced mining activity have failed to offset the impact of a weakening metallurgical coal price. As a result, we have been forced to take further action in response to the weak market conditions, so that we can preserve the long-term future of the operations," said Seamus French, Anglo American Coal's chief executive.
Anglo American remains committed to Peace River over the long-term and the development of its new Roman mine (adjacent to the Peace River mine), and will complete all preparation works for Roman prior to the care and maintenance period, said Anglo American.
"We will ensure that the operations can be re-started as quickly, efficiently and safely as possible when the market improves... Anglo American sees significant long-term growth potential in the northeast of British Columbia and Peace River remains an attractive asset within our coal portfolio," added French.
Anglo American's share price was down 1.1% to 1,478.50 pence per share on Friday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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