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Xstrata PLC (XTA.LN), said Thursday that Xstrata Coal has agreed to acquire the Sukunka hard coking coal deposit from Talisman Energy Inc (TLM) for $500 million in cash, subject to customary conditions.
-Sukunka is located in the Peace River Coalfield of northern British Columbia, contiguous with First Coal Corporation and Lossan tenements acquired by Xstrata Coal in August and October 2011 respectively.
-Sukunka has an NI 43-101 compliant coal resource of 236 million tons in the Measured and Indicated categories.
-Xstrata Coal's technical studies indicate the potential to realize further value from the resource.
-Xstrata Shares closed Wednesday at 113 pence, valuing the company at GBP33.84 billion.
-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; firstname.lastname@example.org