The deposit is located near to the company’s current coal concessions in Lota Bay, Chile. Southern Energy intends to negotiate and acquire this additional coal deposit over next two months.
The company plans to become “more aggressive” in acquiring known coal deposits in this region due, in part, to the recent announcement in a Chilean newspaper by a Korean industrial company of its development of a $2.5 billion coal-fired electrical generation plant in the Concepcion area of Chile.
Southern Energy Company, for the past few years, has been seeking out resource opportunities in North and South America to explore, develop, and produce. Currently, the company focuses on the acquisition, exploration and development of coal, gold, copper and silver properties throughout South America. Currently, Southern Energy owns two Lota Bay Coal Concessions in Lota, Chile.
The company has entered into a joint venture agreement on the Condoryacu gold, copper and silver property located in Salta Province, Argentina.
