Atrum secures export capacity for Groundhog
PERTH (miningweekly.com) – Coal developer Atrum Coal has secured some 1.5-million tonnes a year of export capacity with Stewart Bulk Terminals for its flagship Groundhog project, in British Columbia.
Under a terminal services agreement and land reservation agreement, Atrum could export up to 1.5-million tonnes a year by 2014, at agreed and competitive port handling charges, on a non-take-or-pay arrangement.
Atrum has also signed a memorandum of understanding (MoU) with Stewart World Port for the export of a further five-million tonnes a year of coal products from Groundhog.
The Stewart World Port is currently under construction and would be able to supply the expanded coal handling needs by 2016.
“Groundhog boasts more than 1.5-billion tonnes of high-ranking anthracite with a defined transport solution to our key export markets. Sitting only 150 km away from the project, an export operation through the Port of Stewart can meet the company’s low capital entry to production model,” said chairperson James Chisholm.
He noted that the MoU with Stewart World Port provided Atrum with the flexibility required during the ramp-up phases of production at Groundhog.
Meanwhile, Atrum on Tuesday also announced that it had executed an offset loan agreement with Lenark, which is associated with Chisholm.
The loan agreement provided for a facility limit of more than A$2.68-million, which would be used to offset the outstanding balance owing against the 13.41-million partly paid shares currently held by Lenark.
The funds would be used for the ongoing development of the Groundhog project.
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