The province is paying $18.3m to buy the licences from Fortune Minerals and POSCO Canada, which held assets since 2002.
According to the government, the acquisition was the fairest way to preserve the potential future value of the assets and provide the time and certainty required for negotitaions between the Tahltan and the Province to go ahead.
British Columbia Railway is using its cash reserves to buy the licences as agent of the province. The transaction will not affect the government’s existing fiscal plan.
Fortune Minerals and POSCO have the option to buy back the assets at their original price if they reach an agreement with the Tahltan in the next 10 years.
British Columbia Energy and Mines Minister Bill Bennett said: "Developing a shared vision for responsible management of the Klappan is critically important to the Tahltan Nation, the Province and to industry.
"This acquisition provides certainty and solves a timing problem that was preventing progress on these discussions."
The Klappan area, which is part of the Sacred Headwaters region, is situated in northwest British Columbia with anthracite coal deposits.
