http://www.capebretonpost.com/
DONKIN — There may be a light at the end of the Donkin mine. Xstrata Coal officials confirmed Wednesday the company is in discussions with Morien Resources Corp. about purchasing Xstrata’s 75 per cent interest in the mine. Morien Resources has a 25 per cent interest in the Donkin coal project.
“We have had some initial discussion, and with all commercial transactions there will be ongoing discussions between ourselves and Morien,” said Val Istomin, Xstrata business development manager.
However, Istomin said the Donkin mine remains up for sale in the meantime. “We haven’t stopped the sale process,” he said.
“At the end of the day all we want to do is exit this asset and hand it on to new people and they can continue on to the process. “If another company comes along and wants to buy the mine, we will be happy to talk to them about that.”
Xstrata Coal had recently issued a statement that it was unable to find a third-party buyer for its 75 per cent stake in the Donkin coal project. When the Cape Breton Post contacted Morien Resources Corp. for comment, president and CEO John Budreski issued a press release announcing the company’s intention to purchase Xstrata’s share.