Subject to certain conditions and governmental approvals, the discharge agreement will enable Coalcorp to rail its coal from the La Francia mine to an area near Santa Marta, for further trucking to nearby ports located on the coast.

Coalcorp and Vale also entered into a short-term agreement whereby Coalcorp will render coal rail transportation services to Vale during a 45-day period.

Coalcorp is a coal mining, exploration and development company with interests in the La Francia coal mine and related infrastructure projects and coal exploration properties, all located in Colombia. Coalcorp also holds a 60% equity interest in CCC which owns the La Caypa coal mine in Colombia.