A new coal producer may be on the horizon in British Columbia following the completion of the Pine Valley Coal feasibility report. Globaltex Industries of Vancouver announced the completion of its study, although whether the company will try to raise $24.1 million to put the property into production or try to sell it, is under discussion.
The coal deposit, also known as Willow Creek, is located near Chetwynd, B.C. Pine Valley Coal Ltd. is owned 66.7% by Globaltex and 33.3% by Mitsui Matsushima Canada Ltd. According to the study, the deposit would support a 950,000-tonnes/year operation for 14 years, based on identified reserves. A mining permit has been received from the province.
Full details are available at the Globaltex web site, www.globaltexinc.com
Comments