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[donnerpower]

U.S.-Russia rift shaking up Canadian mining sector, for better and worse



Escalating geopolitical tensions between Vladimir Putin and the West may be setting off tremors in Canada’s mining sector, with Russian backers withdrawing from North American assets, creating both big opportunities and major headaches for Canadian firms.Toronto-based Corsa Coal Corp. announced Tuesday that it would purchase U.S. coal producer PBS Coals Ltd. for $60-million from Russia’s OAO Severstal — just a fraction of the $900-million purchase price that Severstal paid for PBS in 2008, which had already been discounted from a previous offer Severstal had made before the financial crisis struck.
“We think it’s a transformative deal for the company,” Corsa director George Dethlefsen said.

Mr. Dethlefsen said that the Russian steel giant decided it no longer needs be vertically integrated on the coal side. Those issues made PBS expendable and gave Toronto-based Corsa a unique growth opportunity at the bottom of the coal market.

At the same time, however, Vancouver-based Mercator Minerals Ltd. is facing a dire financial position as a deal with Russian firm Intergeo MMC Ltd. appears to be on the brink of collapse.

Intergeo, which is controlled by flamboyant Russian billionaire Mikhail Prokhorov, agreed to buy Mercator last December, before the Ukrainian crisis, rescuing the company from liquidity problems. The deal would have given Intergeo ownership of Mercator’s Mineral Park mine in Arizona.

But the transaction has been held up for unexplained reasons by the Russian Federal Anti-Monopoly Services (FAS), which extended its review of the deal. If approval is not given before August 1, Intergeo has said it plans to pull its offer.

That would renew the liquidity concerns that previously dogged the company.

http://business.financialpost.com/2014/07/15/u-s-russia-rift…" target="_blank" rel="nofollow ugc noopener">
http://business.financialpost.com/2014/07/15/u-s-russia-rift…

[donnerpower]

UPDATE 1-Russia's Severstal sells U.S.-based PBS Coals to Corsa Coal


(Reuters) - Russia's Severstal has agreed to sell Pennsylvania-based metallurgical coal producer PBS Coals to Canada's Corsa Coal for an enterprise value of $140 million, the Russian company said on Tuesday.

Corsa Coal operates U.S.-based coal mines. Its Wilson Creek metallurgical coal operations are also based in Pennsylvania, while the Kopper Glo thermal coal operations are based in Tennessee.

"For Severstal with its current asset portfolio, PBS Coals is a business which is not operationally linked to the company's steel plants in Russia and the U.S.," the company said in a statement.

Severstal will receive $60 million in cash, it said in a statement. Corsa Coal has also agreed to assume reclamation and water treatment liabilities from PBS Coals for $60 million.

The deal is expected to be completed by mid-August. Deutsche Bank has been Severstal's financial adviser on the deal. (Reporting by Svetlana Burmistrova; Writing by Polina Devitt, editing by Elizabeth Piper)

http://www.reuters.com/article/2014/07/15/russia-severstal-i…

[Wellaflex]

Könnte eine Chance sein für die Kleinanleger hier. Bin gespannt wie die sich entwickeln werden und werde das Beobachten. Jedoch ist der Coal Sector - vorallen in den USA - derzeit alles andere alls Positiv zu Bewerten.

It's a huge gamble

Wella