M Line Holdings Inc.’s new subsidiary M Line Coal Development Inc. has agreed terms to acquire its first coal mining permit. Definitive contracts are expected to be signed shortly with production due to start in March 2018.
This project, based on the geological reports, will produce in excess of 300 000 short t of coal with profit of approximately US$5.00/short t and anticipated revenues over a three to five year period of US$15 million depending on monthly production levels.
Tony Anish, CEO of M Line, stated: “We are excited to agree terms on the first coal mining permit. We are looking at several coal mining permits and expect to agree terms on others in the near future. The current market for coal is excellent as demand exceeds supply. We are also working on contracts for our transportation company and will keep you informed as to our progress. Keep watching, there will be more news to come.”
The company has identified this opportunity as the coal that will be produced is intended for specific industrial uses overseas. Thermal Coal specifically has recently risen 10% on the back of a months long rally.
Read the article online at: https://www.worldcoal.com/mining/01022018/m-line-coal-development-inc-to-acquire-its-first-mine-permit/