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New Colombia Resources sign coal purchase agreement with ASI

Coal News - Published on Wed, 11 Jan 2017

Image Source: Insider Financial
New Colombia Resources, Inc., a Colombian company listed in the U.S. with premium metallurgical coal properties and medical marijuana operations, announced that they have signed a US$ 90 Million purchase agreement for metallurgical coal with American Steel Industries LLC of Philadelphia, PA, a joint venture partner with a Chinese Government owned Multi-Billion Dollar Commodities and Steel Trading Company.

Deliveries loaded at the port in Colombia for shipment to South China in 2017 will be as follows:
• April- 60,000 tonnes
• May- 40,000 tonnes
• June- 40,000 tonnes
• July-December- 60,000/month

This contract will be filled by New Colombia’s joint venture being formed with MSG Mining Corp. The joint venture has sourced the coal to make timely deliveries per the agreement. Some of the coal will be supplied by the joint venture’s Mina San Gregorio in Cucuta, Colombia with the remainder being sourced by third party producers in the area. The coal will be stored at the joint venture’s coal yard in Cucuta and shipped to a port on the Caribbean coast for shipment to South China. Last year China placed restriction on coal output and yesterday announced additional mine closures.

Source :

Posted By : Rabi Wangkhem on Wed, 11 Jan 2017
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