Pacific American Coal (PAK) has sold its 30% equity investment in GCI for AUS$1 million after a strategic review to focus its activities on its metallurgical coal assets.The sale recovers PAK’s original US$731 250 investment in GCI and will provide funds to advance the development of its Elko metallurgical coal producer in British Columbia.
The decision to advance the Elko project “recognises the significant value potential” of the project, the company said. The board has recently authorised a number of activities to move the project further.
These include the development of exploration plans to improve JORC resource classification, the preparation of the documentation required for permitting and conceptual design for mine layout and infrastructure.
Elko currently has a JORC resource of 257.5 million t. It comprises five coal seams, of which three seams have been identified as having the potential to produce a hard coking coal product. It has the potential to support a short-term opencast mine with longer-term underground operations.
In the British Columbia coalfields, the Elko resource is second in size only to Teck’s Elkview project and ranks ahead of Coalmont’s Loop Ridge and Jameson Resources’s Crown Mountain projects. There is also the potential to identify further resources within the Elko project area, as well as immediately adjacent to it.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/exploration-and-development/19052016/pak-to-focus-on-elko-project-development-2016-811/
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