https://www.miningweekly.com

Atrum, BC Anthracite bury the litigation hatchet

14th July 2016

By: Samantha Herbst

Creamer Media Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – ASX-listed coal developer Atrum Coal has settled all litigation proceedings with former founders Russell Moran and Gino D’Anna, owners of new venture BC Anthracite.

Atrum announced on Wednesday that the parties had reached a no-liability settlement, which would be dismissed by consent. Not only did Atrum secure an additional five tenements to add to the Groundhog East area, in British Columbia, Canada, but BC Anthracite also granted royalty over 31 of its tenements in the region.

The company elaborated that, as part of the settlements, it was granted five tenements from BC Anthracite, through its wholly owned subsidiary, Atrum Coal Groundhog, which would be amalgamated with the company’s Groundhog East project.

BC Anthracite had also offered a 1.5% ex-mine gate royalty over 25 of its tenements to Atrum, and a 0.5% ex-mine gate royalty over six of its tenements.

Moreover, the companies had agreed to develop infrastructure solutions for the Groundhog region, with the aim of sharing the costs of infrastructure development.

“The companies have agreed to work together to explore infrastructure options in the region, with the view to develop access to tidewater for the BC Anthracite and Atrum properties in Groundhog,” said Atrum executive chairperson Rob Bell.

“It’s good to place the issue behind us so that Atrum can continue with developing our Phase 1 mine. Interest in the company’s anthracite is strong and we continue to field requests for supply as soon as possible.”

Moran, who is executive chairperson of BC Anthracite, added that the Groundhog coalfield was a “once-in-a-lifetime opportunity”.

“We are pleased to have reached an agreement with Atrum on how best to work together to maximise value and opportunity for all stakeholders,” he said.

Edited by Creamer Media Reporter

Comments

Showroom

WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 
Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.06 0.096s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: