Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Petrobank Energy and Resources Ltd. (TSX: PBG) announced on Wednesday that it reached an agreement with Grizzly Oil Sands Ulc. to sell May River property.
The sale, which will include the Conklin demonstration project, will result in gross cash proceeds of $225 million.
“Proceeds from this transaction will initially be used to repay outstanding bank debt and will result in Petrobank having a significant positive cash and working capital balance,” said the company in a news release.
