Montem’s Tent Mountain will be allowed to proceed through regulatory process
Australian company Montem Resources on Monday announced that its Tent Mountain coal project, in Alberta, Canada, would be allowed to proceed through a regulatory review, having been designated an “advanced” coal project.
The news lifted Montem’s stock by 60% to A$0.07 a share, before settling at A$0.05 a share when the market closed.
Alberta on Friday made available coal mining policy recommendations, which resulted in a Ministerial order that expanded restrictions on coal-related activities until effective land-use planning has been completed for the area.
Coal exploration and development activities in the Eastern Slopes will now be restricted on all Category 2, 3 and 4 lands, as defined by a 1976 government policy.
In November last year, Alberta halted all coal activities on Category 2 lands.
Montem’s Tent Mountain project is one of three designated as “advanced” and are those projects that have formally applied for authorisation before May 1, 2020.
“We have reviewed the coal committee reports and recommendations, and the accompanying Ministerial order. The Tent Mountain mine remains unaffected by the policy update and has been recognised as an advanced project,” said MD and CEO Peter Doyle.
He stated that Montem would continue to work with regulators, First Nations and other stakeholders to establish a suitable path for the mine to be restarted.
“The world is demanding responsibly sourced steelmaking raw materials and the Tent Mountain mine represents an important new source of high-quality steelmaking coal,” said Doyle.
The Tent Mountain mine last operated in 1983 and is in advanced stages of planning for the restart of operations. Montem completed feasibility studies for the Tent Mountain mine restart in 2020.
According to the study, the mine will produce 1.1-million tonnes a year over a 14-year mine life.
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