Atrum completes consolidation in Canada
PERTH (miningweekly.com) – Coal developer Atrum Coal has completed the final round of consolidation of coal licences in the Groundhog coal field, in British Columbia.
The company on Friday reported the acquisition of an additional 12 granted coal licences and one coal licence application from Anglo Pacific Group, covering about 10 235 ha.
The transaction included a 1% gross revenue royalty, or a $1/t royalty payable to Anglo Pacific on the anthracite produced from the assets, as well as $500 000 payable in cash, A$2-million, 8% promissory loan note repayable within 18 months, and one-million Atrum shares.
Atrum executive director Russell Moran pointed out that the coal licences being acquired had been under-explored and could hold significantly more anthracite than reported. Furthermore, it was likely that the mine plan at Groundhog North, which underpinned a recent prefeasibility stud (PFS), could be extended as the anthracite seam continued west into the new coal licences.
The new licence acquisitions represented the complete consolidation of the known anthracite-bearing tenure in the Groundhog and Panorama area, covering about 81 616 ha.
The newly acquired licences would be incorporated into an upcoming PFS for Groundhog North, which was expected to deliver improvements in capital expenditure, operating expenditure and project economics.
The initial PFS had estimated that an underground operation could deliver 5.4-milion tonnes a year run-of-mine coal over a 16-year mine life, and would require a capital investment of $10-million in 2014, and a further $67.1-million in 2015.
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