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Atrum posts loss as Groundhog progresses

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World Coal,

Canada-focused anthracite company, Atrum Coal, has announced a loss for the half-year to 31 December 2015 of AUS$5.61 million as it continues to progress exploration and development work at its Groundhog anthracite project in British Columbia.

The Groundhog project is located in the Groundhog Coalfield in the northwestern part of the state and comprises 46 coal licences and 40 coal lease applications.

The company aims to produce high-grade and ultra-high-grade anthracite, as well as ultra-low volatile PCI for supply for supply to the export markets with a focus on Japan, South Korea, China and Europe, as well as the Americas.

In order to progress development of the project, the company is in discussions with a US fund, as well as various high-net-worth parties, regarding funding options with the aim of increasing available cash reserves.

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