The acquisition will expand the company’s total concession coverage to 10,357 hectares (25,594 acres).
Colombia Clean Power & Fuels president of Colombian operations said that the acquisition of these concessions not only provides the company with additional prospective coal resources, but also accelerates its time to commercialization and production as the property has coal mining permits.
In addition, the company said it has completed its legal and preliminary geologic due diligence and will deploy drilling exploration equipment immediately.
Consideration for these additional concessions will include payments to the sellers plus future royalties to the sellers based on production.
The consummation of this transaction is subject to confirmatory drilling and final government approval, which is anticipated prior to the end of this year.
