New Colombia Resources has announced the approval of their PTO, Plan de Trabajo y Obras (Work Plan) by the Agencia Nacional de Mineria (ANM), for their metallurgical coal mine in Colombia.
New Colombia believes that approval of the Work Plan will increase the interest in the company. They have been taking necessary steps to start up production as soon as possible, by working closely with the local environmental authority for approval of their environmental permits.
The company will submit a permit application for the extraction of raw building materials in the next few weeks. When this is accepted, New Colombia can begin extraction of building materials. The company will also submit an application for the environmental permit for coal production. The approval of the work plan accelerates this process.
New Colombia Resources signed a term sheet for financing that they expect to close within the next few days. Additionally, the company is in talks with major international coal and energy companies interested in entering the Colombian coal sector.
The company hopes to gain approval of the coal environmental permit in Q1 and expects to generate revenue within the first half of this quarter.
McCloskey coal conference
New Colombia Resources has also announced that company president, John Campo, will be a guest speaker at the IHS McCloskey 21st Annual Coal Conference of the Americas to be held in Cartagena, Colombia in March.
Campo commented: "The approval of the work permit by the ANM is a huge step forward in our efforts to begin coal production. To my knowledge, we'll be the only international junior exploration company at the coal conference that took a mining contract from solicitation to a work plan approved concession in these market conditions. I'm very confident we're making the right contacts to develop over 4000 ha of mostly metallurgical coal available to us".
Adapted from press release by Katie Woodward
Read the article online at: https://www.worldcoal.com/mining/08012014/work-plan_approved_for_new_colombia_387/