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"Engineers have been onsite since early December updating the Work Plan and Environmental Management Plan for a 10,000 tonne/month operation and have determined that production costs will drop from US $30 to $25/tonne at this capacity."
BARRANQUILLA, COLOMBIA -- (Marketwired) -- 01/31/17 -- New Colombia Resources, Inc. (OTC PINK: NEWC) ("New Colombia or the 'Company"), a Colombian company listed in the U.S. with premium metallurgical coal properties and medical marijuana operations, is pleased to provide an update on their metallurgical coal mining operations. Earlier this month, they announced the signing of a US$ 90 Million purchase agreement for metallurgical coal with American Steel Industries, LLC (ASI) of Philadelphia, PA, a joint venture partner with a Chinese Government owned Multi-Billion Dollar Commodities and Steel Trading Company. ASI has been exporting steel from China for the past 12 years and is one of its largest steel exporters; for more information about ASI, visit www.asi-steel.com
Deliveries loaded at the port in Colombia for shipment to South China in 2017 will be as follows:
April- 60,000 tonnes
May- 40,000 tonnes
June- 40,000 tonnes
July-December- 60,000 tonnes/month
In November 2016, New Colombia Resources entered into a joint venture agreement to operate metallurgical coal Concession Contract JC3-15231 located in the municipality of Zulia approximately 25 km from Cucuta, Colombia. Engineers have been onsite since early December updating the Work Plan and Environmental Management Plan for a 10,000 tonne/month operation and have determined that production costs will drop from US $30 to $25/tonne at this capacity.
