Peace River Coal bidding interest

The Globe and Mail is reporting today that three Canadian companies already operating in northeastern BC may have the advantage as the field narrows in bidding for Peace River Coal.

It says first round bidding involved more than 60 companies around the world interested in Peace River, which owns several development projects in the Tumbler Ridge area.

The story also says the sale is expected to be completed before the end of the year, and the price tag could be more than 500 million dollars.

It adds the names, on the companies so-called short list, haven’t been made public…but it quotes one industry analyst, as suggesting Teck Resources Limited, Western Coal Coporation, and Grande Cache Coal Coporation may have the edge.

As for potential foreign buyers, the Globe says they’re believed to be steel companies, looking to lock up supplies of metallurgical coal, which is essential in the steel-making process.

Click here to read the rest of the story from the Globe and Mail

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