March 8, 2012 / 7:23 AM / 5 years ago

Talisman to sell coal assets to Xstrata for $500 million

(Reuters) - Canada's independent oil explorer Talisman Energy Inc TLM.TO said Xstrata Coal has agreed to buy the company's non-core coal assets located in Northeast British Columbia for $500 million in cash.

Talisman said the deal is expected to close in March 2012.

"This is in keeping with our strategic objective to focus Talisman's portfolio on material, core assets," Paul Smith, Talisman's Executive Vice-President of North American Operations, said in a statement.

(Reporting by Sakthi Prasad; Editing by Hans-Juergen Peters )

Corrects purchasing company name to Xstrata in headline

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