Anglo American Met Coal

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Anglo American Met Coal

Post  lynk2510 on Sat Nov 12, 2011 6:31 am

In 1981, a consortium of Japanese steel mills agreed to purchase 100 million tonnes of coal over 15 years for US$7.5 billion from two mining companies, Denison Mines Inc. and the Teck Corporation who were to operate the Quintette mine and the Bullmoose mine, respectively. Declining global coal prices after 1981, and weakening Asian markets in the late 1990s, made the town's future uncertain and kept it from achieving its projected population of 10,000 people. The uncertainty dissuaded investment and kept the economy from diversifying. When price reductions were forced onto the mines, the Quintette mine was closed in 2000 production and the town lost about half its population. Since 2000 rising coal prices have led to the opening of new mines in and near the municipality by Northern Energy & Mining Inc. (now majority owned by Anglo American Met Coal) and Western Canadian Coal (now Walter Energy).
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