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Benjamin Hill signs letter of intent to acquire interest in coal project

Published by , Editorial Assistant
World Coal,

Benjamin Hill Mining Corp. has announced that it has entered into a nonbinding letter of intent with Aion Mining Corp., outlining the proposed transaction whereby the company will acquire 20% of Aion and its interest in a fully permitted coal project located in Santander, Colombia.

Key components to the acquisition:

  • The property contains eight known seams of metallurgical and thermal coal from recent and historical diamond drilling programmes and surface exposures.
  • The project is fully permitted under Colombian Law, including environmental licencing.
  • The location and existing regional coal mining infrastructure are excellent.

The company will continue to compile all recent and historical data and perform underground bulk sampling of the different seams. The purpose of this exploration programme is to better establish the grades and ground conditions of known coal seams.

Cole McClay, CEO, stated: “Benjamin Hill is excited to have the opportunity to work with a highly skilled Colombian mining team to develop a coal asset with a path to generating revenue. There is a solid indication demand for coal assets in the global market will remain strong, as clean thermal technologies continue to emerge, while over 70% of the world’s steel is currently produced using coal. As a measure of the appetite for coal projects, just yesterday, we saw Teck sell its coal interests to Glencore, Nippon Steel Corp., and Posco Holdings for US$8.9 billion.”

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