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Sydney, Oct 28, 2011 (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) is pleased to announce that it has reached an agreement with Ridley Terminals Inc. ("Ridley Terminals") on terms for the shipment of export thermal coal from Coalspur's Vista Coal Project ("Vista"). The agreement entitles Coalspur to up to 6.0 million tonnes per year ("Mtpa") of port allocation with an option for an additional 2.5Mtpa and has been structured to reflect the expected production profile of Vista. The agreement has a 14-year term that commences in January 2015 and includes an option to extend the term for an additional seven years.
Commenting on the port agreement with Ridley Terminals, Gene Wusaty, Managing Director and CEO, said "We are exceptionally pleased to have concluded this landmark agreement. It represents a major milestone in the development of Vista as it secures port allocation for the majority of the expected production until 2035. The agreement provides Coalspur committed access to the thermal coal markets in Asia and significantly de-risks the development of Vista as it advances towards the construction phase."
Ridley Terminals
Ridley Terminals is a Canadian Federal Crown Corporation that is located in Prince Rupert, British Columbia. Ridley Terminals is the most northern deepwater port in North America and has the ability to handle capesize vessels up to 250,000 dead weight tonnage. Currently handling capacity is 12 million tonnes which is undergoing an expansion to 24 million tonnes. The facility is serviced by the Canadian National Railroad and is well positioned to handle coals from a variety of North American origins.
Bud Smith, Chairman of Ridley Terminals, said, "This agreement represents a win-win as it facilitates Coalspur's strategy to become the largest export thermal coal producer in Canada and positions Ridley Terminals to become a major gateway for Canadian thermal coal to the global markets."
ASX:CPL) is pleased to announce that it has reached an agreement with Ridley Terminals Inc. ("Ridley Terminals") on terms for the shipment of export thermal coal from Coalspur's Vista Coal Project ("Vista"). The agreement entitles Coalspur to up to 6.0 million tonnes per year ("Mtpa") of port allocation with an option for an additional 2.5Mtpa and has been structured to reflect the expected production profile of Vista. The agreement has a 14-year term that commences in January 2015 and includes an option to extend the term for an additional seven years.Commenting on the port agreement with Ridley Terminals, Gene Wusaty, Managing Director and CEO, said "We are exceptionally pleased to have concluded this landmark agreement. It represents a major milestone in the development of Vista as it secures port allocation for the majority of the expected production until 2035. The agreement provides Coalspur committed access to the thermal coal markets in Asia and significantly de-risks the development of Vista as it advances towards the construction phase."
Ridley Terminals
Ridley Terminals is a Canadian Federal Crown Corporation that is located in Prince Rupert, British Columbia. Ridley Terminals is the most northern deepwater port in North America and has the ability to handle capesize vessels up to 250,000 dead weight tonnage. Currently handling capacity is 12 million tonnes which is undergoing an expansion to 24 million tonnes. The facility is serviced by the Canadian National Railroad and is well positioned to handle coals from a variety of North American origins.
Bud Smith, Chairman of Ridley Terminals, said, "This agreement represents a win-win as it facilitates Coalspur's strategy to become the largest export thermal coal producer in Canada and positions Ridley Terminals to become a major gateway for Canadian thermal coal to the global markets."
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About Coalspur Mines Limited
Coalspur Mines Limited ("Coalspur" or "Company") is a coal exploration and development company with approximately 40,600 hectares of coal leases located within the Hinton region of Alberta, Canada. Coalspur’s flagship coal project is the Vista Coal Project (“Vista”) which has the potential to be the largest export thermal coal mine in Canada.
Vista covers approximately 9,984 hectares and provides a large scale, surface mineable, thermal coal project. Vista has the advantage of leveraging off of established first world infrastructure with CN Rail’s main line located adjacent to Vista which is substantially underutilised and provides a rail line suitable for the transport of coal to deepwater ports on Canada’s west coast. Coalspur has also secured a port allocation agreement with Ridley Terminals Inc. which is essential to the logics supply chain necessary to export coal from Vista to the growing demand from the Asia Pacific Rim countries, including China, Japan, and Korea.
A feasibility study was completed on Vista in January 2012, which defined a 30 year mine plan with forecast annual production capacity of 11.2Mtpa. Marketable Coal Reserves on Vista are 313Mt from a Recoverable Coal Reserve of approximately 566Mt. Initial development costs for Vista are expected to be approximately C$860 million with an additional approximately C$370 million required to reach full capacity.
Coalspur has offices in Calgary and Hinton in Canada as well as in Australia. The Company is dual listed on the Toronto Stock Exchange ("TSX") under the symbol "CPT" and on the Australian Securities Exchange ("ASX") under the symbol "CPL".
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