Atrum Coal has finalised definitive agreements with Atlantic Carbon Group PLC, with Atrum securing exclusive rights to market and sell Atlantic anthracite for export outside of the US.
Peter Doyle, VP Marketing and Business Development, commented: “We are very pleased to finalise the terms of the export sales joint venture, which will allow Atrum to meet our customers’ need at a time when seaborne anthracite is in very short supply. Atlantic has already started to move anthracite products into a segregated area at their mine, ready for our initial shipment, which we expect to make in 1Q17. We look forward to working with the team at Atlantic as we build an export presence for Pennsylvanian anthracite.”
Adam Wilson, Atlantic Carbon’s Chairman, commented: “We are pleased to enter into the joint venture for export sales of Atlantic Carbon’s anthracite products. Previously our focus has been on US domestic sales, but as we look to increase production significantly in 2017 from our mines. We are excited to have the partnership with Atrum to facilitate export sales. The export sales joint venture with Atrum allows us to leverage our combined skills and resources to meet the needs of potential customers around the world, including North Asia, Europe, South America and India.”
As previously announced, the export sales joint venture will be staffed by Atrum personnel and will have the rights to market 250 000 t of Atlantic anthracite up to 31 December 2017. These profits will be distributed to Atrum and Atlantic.
If Atrum achieves sales of 200 000 t by 31 December 2017, ACG will extend the export sales joint venture by four years, to 2021 with a 10% annual increase in volume offered by ACG to the joint venture.
Read the article online at: https://www.worldcoal.com/coal/04012017/atrum-coal-and-atlantic-carbon-agree-terms-on-export-sales-jv/