The Canadian Press, Vancouver Sun, May 15, 2012
TOKYO — A partnership formed by JX Nippon Oil & Energy and Xstrata Coal will invest $35 million on a preliminary study of the Suska coal project in eastern British Columbia.
The two companies formed the partnership in March when Xstrata Coal sold a 25 per cent share in its B.C. operations to the Japanese company for US$435 million.
"We believe that the B.C. projects, including Suska, have significant potential for steelmaking coal production," said Shunsaku Miyake, a senior vice-president at JX.
"This will allow JX to develop a new line of business and further diversify our market interests."
The prefeasibility study planned for the Suska coal project, between Tumbler Ridge and Chetwynd in the B.C. Peace River region, was announced Tuesday in Tokyo as part of a trade mission by B.C. Premier Christy Clark.