(EnergyAsia, March 12 2012, Monday) — Canada’s Talisman Energy Inc said it has agreed to sell “certain non-producing, non-core coal properties” in northeastern British Columbia province to Xstrata Coal for US$500 million in cash.

The deal for the Sukunka property located 60 km south of Chetwynd along the Peace River coalfield is expected to close later this month.

Completely owned by Talisman, the licences cover an area of over 20,000 acres and contain an underground mineable deposit of coking coal.

Paul Smith, Talisman’s executive vice-president for North America, said:

“This is in keeping with our strategic objective to focus Talisman’s portfolio on material, core assets. Unlocking the value from the divestment of this coal property will provide funds to support the objectives announced in our 2012 guidance.”