It's likely that this deal signals that the era of paying premiums to acquire oil and gas assets is over.

The demand is backed by expectations for rising profits in coming years amid a reduction in staffing and plans to increase production.

"We do believe that the thematic of carbonisation will support certain types of coal for the foreseeable future," Mike Henry said on Tuesday.

Sumitomo's remaining interest in thermal coal mines is a 37.13% stake in the Clermont mine in Australia.

A unit of Australian billionaire Gina Rinehart’s Hancock Prospecting has applied to the Federal Court for a judicial review of the rejection of the proposed $800 million Grassy Mountain steelmaking coal mine.

Teck donates C$150,000 for wildfire relief in BC.