Germany’s Chancellor plans lithium deal with Serbia after Rio ruling
Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the nation’s energy transition and auto industry.
Xstrata, the world’s largest exporter of thermal coal, has agreed to acquire Canadian coal company First Coal for US$153 million, the Swiss miner said on Thursday.
“First Coal’s Board has unanimously recommended that its shareholders support the transaction,” Xstrata announced, adding that First Coal’s largest shareholders — those owning greater than 50% of the stock — have signed “lockup agreements” with Xstrata Coal.
Bloomberg reported that the deal was motivated by the need to satisfy Asian coal demand:
Xstrata, which also produces base and precious metals, is seeking to increase overall output by 50 per cent through 2014 to benefit from growing Asian commodity demand. The acquisition will give it exploration leases for steelmaking coal in northeastern British Columbia, where Vancouver-based First Coal holds licenses at the Peace River project.
Two thirds of First Coal shareholders need to approve the transaction at a meeting on Aug. 2, said Xstrata.
