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Itochu to be JV partner in Telkwa project

Coal News - Published on Thu, 08 Nov 2018

Image Source: Mining Technology
Allegiance Coal Limited announced that Itochu and Allegiance have completed and signed binding agreements to establish the 'Telkwa Met Coal Joint Venture. Mr David Fawcett, Non-Executive Chairman, commented "I cannot stress enough the significance of this achievement by Allegiance. To secure the financial and operational support of Itochu is a wonderful achievement. It is testament to the quality of the Tenas Project, and the strength of our management team that Itochu has the confidence in our ability to successfully secure permits to mine, and bring the Tenas Project into production. We look forward to a long and prosperous future with Itochu in relation to the Telkwa Project."

Itochu Corporation of Japan (Itochu), has agreed to invest in Telkwa Coal Limited (TCL), to unperpin the funding and development of the Tenas Metallurgical Coal Project (Tenas Project).

TCL is Allegiance's wholly owned Canadian subsidiary that owns a 100 percent interest in the Telkwa Metallurgical Coal Project located in northwest British Columbia, Canada (Telkwa Project), which comprises 126Mt of JORC metallurgical coal resource from the Tenas Project, and the nearby Goathorn Creek and Telkwa North deposits.

Currently, the Tenas Project is the subject of a definitive feasibility study (Tenas DFS), and is in the permitting process for a 750kctpa operation, to deliver a mid-volatile semi-soft coking coal to the seaborne metallurgical coal market with a target FOB cash cost, ex-Port of Prince Rupert, of ~US$55/t.

Source :

Posted By : Rabi Wangkhem on Thu, 08 Nov 2018
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