VANCOUVER, Sept. 11, 2014 /CNW/ - Anglo American plc ("Anglo American") announces that it will place its Peace River Coal operations in British Columbia, Canada ("Peace River") into a period of care and maintenance, to commence at the end of 2014. Anglo American remains committed to Peace River over the long-term and the development of its new Roman mine, and will complete all preparation works for Roman prior to the care and maintenance period.
Seamus French, Anglo American Coal's CEO, said: "Significant reductions in operating costs and reduced mining activity have failed to offset the impact of a weakening metallurgical coal price. As a result, we have been forced to take further action in response to the weak market conditions, so that we can preserve the long-term future of the operations.
"We will ensure that the operations can be re-started as quickly, efficiently and safely as possible when the market improves. Our immediate priorities are to provide the support to our employees that they need at this difficult time and to stay focused on a safe transition to care and maintenance by year end.
"Anglo American sees significant long-term growth potential in the northeast of British Columbia and Peace River remains an attractive asset within our coal portfolio."
Notes to editors:
Anglo American is one of the world's largest mining companies, is headquartered in the UK and listed on the London and Johannesburg stock exchanges. Our portfolio of mining businesses meets our customers' changing needs and spans bulk commodities – iron ore and manganese, metallurgical coal and thermal coal; base metals and minerals – copper, nickel, niobium and phosphates; and precious metals and minerals – in which we are a global leader in both platinum and diamonds. At Anglo American, we are committed to working together with our stakeholders – our investors, our partners and our employees – to create sustainable value that makes a real difference, while upholding the highest standards of safety and responsibility across all our businesses and geographies. The Company's mining operations, pipeline of growth projects and exploration activities span southern Africa, South America, Australia, North America, Asia and Europe.
SOURCE: Anglo American
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