Terms of the new concession purchase include certain fees to be paid to the Colombian Ministry of Mines and additional purchase consideration to the present owner of the concession, as well as a small royalty per ton of coal produced and sold under each concession.
Closing is subject to final government approval of the transfer of the concessions, which the company anticipates shortly.
The company has commenced its exploratory drilling program as part of pre-feasibility work on a formal mining plan.
Colombia Clean Power & Fuels is developing coal mining, coal coking and clean coal technology operations in the Republic of Colombia.
