Ahead of the First Quarter Report due to be released in April, Tigers Realm Coal (TIG) has reported that:
- At Project F where mining and coal transport operations commenced in December 2016.
- The two binding Heads of Agreement (HOAs) with its joint venture partners in relation to the Amaam North Project (including Project F) and the Amaam Project.
Project F Operations
A short video overview on the company’s operations from mine to port is available on the company’s website – http://tigersrealmcoal.com/wp-content/uploads/2017/03/Amaam_North.mp4.
Through January and February the mining and coal transport to port operations have continued with site operating systems and mine planning working well. The waste material movement during the ramp-up period has been in line with budget and our coal production is steadily improving.
An additional 12 000 t of coal has been delivered to intermediate stockpiles near the pit. After accounting for trucking days lost due to poor weather conditions, average daily coal trucking performance improved by 27% from 920 t/day in January to 1167 t/day in February.
Heads of Agreements with Project Joint Venture Partners As reported to the ASX on 29 June 2016 and subsequently updated in the December 2016 Quarterly Report, TIG has signed two binding Heads of Agreement (HOAs) with its joint venture (JV) partners - one in relation to the Amaam North Project, and the other in relation to the Amaam Project. Following the detailed work required to prepare and agree the binding documentation, the parties have prepared the final versions of the related agreements including key commercial terms pertaining to Amaam North and amendments to the Amaam agreement. Apart from the required corporate approvals, our JV partners are currently undertaking some restructuring of their holdings prior to the agreements being executed. The completion and final signing of the documents will proceed once this restructuring has been completed. The conditions agreed in the documentation are in line with the HOAs, will take TIG’s ownership of Amaam North to 100%, will improve Amaam North Project’s value and fundability, and simplify ongoing corporate and approval processes for the Amaam Project. Governor’s Visit to Site During February, the Governor of Chukotka, Roman Kopin visited site with senior members of the Administration and the head of the Municipality of Anadyr. A news crew accompanied the Governor and the visit was reported on the evening television news across Russia – http://tigersrealmcoal.com/wp-content/uploads/2017/03/News_Report_On_Governors_Site_Visit.mp4
The Governor visited the surface mine, haulage road and port stockpiles. Following the visit, he communicated his positive impression of the operations and site management team. Discussions during the visit focused on aspects of the operation that could be improved through cooperative arrangements between the company and the Chukotka Regional and Municipal Governments.
Read the article online at: https://www.worldcoal.com/mining/07032017/tigers-realm-coal-ramps-up-russian-operations/