What idiotic nonsense with this garbage. After two years they let us know it is under review. Anyone that puts more money in this scam is a total crazy.
The govt approval process for the coal was nearing completion- for reasons stated in the PR aggregate was added to the mine work plan-work plans require considerable capital and scientific/ geological expertise/time
fortunately the govt apparently allowed the aggregate operations to be added to the plan rather than start processing aggregate plan from the beginning with a separate aggregate plan
If, following the govt's site visit April 2016, the only govt recommendation revision was to change the gravel pit design from 1 to 2 pits(I dont read Spanish),then approval could come shortly. These things can be buried for some time so the govt response that its reviewing the requested aggregate change is a good thing both as to timing involved and completeness of SAM/NEWC's revised aggregate plan (an obviously insufficient revision would not be under formal review)- that's my take on the PR anyway,having done land use planning for over 15 years(but not in South America).
the appropriate section from the PR:
"The company's concession contract ILE-09551 for coal and other grantable minerals submitted a work plan for coal mining in December 2012; it was approved in December 2013. Due to poor market conditions for coal, in 2014 the company decided to add raw building materials to the work plan to build a gravel pit to supply the growing construction and infrastructure projects in Colombia. The construction market grew by 10% in 2014 making building materials an attractive market. New Colombia Resources spent much of 2014 raising the capital needed to hire an international exploration company to produce a work plan for raw building materials and create other revenue generating businesses.
In 2015 they hired South American Explorations (SAM) and Diego Caicedo as project manager. SAM completed the work plan in February 2016 and it was submitted to the ANM. In April 2016, the ANM performed a site visit to the Company's property and recommended they redo the work plan to include two gravel pits instead of one in order to not disturb a small creek that the original plan rerouted. SAM produced a new mining design that includes two pits instead of one. A copy of the new mine design can be seen here https://drive.google.com/open?id=0BxSKP5j2FlseeG91LXY3WllJU28
In June 2016, the company resubmitted the new mine design taking into consideration the recommendation from the ANM; last week they received notice it is under review and not to begin mining operations until final approval. The Company expects final approval in short order, once approved, the resolution of approval will be forward to the local environmental agency for their approval to begin mining operations for both gravel and coal. Plans are to begin immediately crushing rocks to generate revenue. In 2014 the Company purchased a rock crushing plant with a 1000 m3/day capacity that will begin to generate revenue immediately. To see a financial model of the gravel operation, click here https://drive.google.com/open?id=0BxSKP5j2FlseOFE5TVdReGRCUUE "
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