Canada-based Long Harbour Exploration Corporation has updated on its letter of intent to purchase coal and coal related assets operated in Pike County and Floyd County, in the US state of Kentucky and owned by Pyramid.

The assets are located in the Pikeville Coal district, Kentucky’s key coal mining district.

The mine is located 80 miles from river loadout facilities that allow access to ports in the Gulf of Mexico.

Pyramid stated it currently sells its coal production into the US pulverised coal injection market for the steel manufacturing industry and has also commenced exploring Asian metallurgical coal markets due to its high quality product and advantageous logistics location.

Pyramid’s property maintains five underground and two surface mining permits; two of the underground permits are currently utilised, producing about 25,000 tons per month.

Planning for the surface mine has already commenced and is expected to require minimum infrastructure costs.