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Exhibit Hall News
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Exhibit Hall News
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NEW! Networking Luncheon – Don’t forget to register for the Networking Luncheon on Tuesday, May 3 • 12:30pm – 1:30pm. A great opportunity to network with your peers who are interested in the same topic as you, exchange business cards and share best practices over lunch. Each table will feature an industry leader who will talk about the topic a bit then facilitate conversation. The Networking Luncheon is included with the Platinum Pass, 3 Day and 1-Day (Tuesday) options or tickets available separately for $50 each. Register now!
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MiningConnection.com delivers the latest news and developments shaping the mining industry. The website is categorized into four segments: Coal Preparation, Underground Mining, Surface Mining and Manufacturers/Distributors, saving readers valuable time in locating topics of interest. MiningConnection.com has been noted as the “USA Today” of mining news, covering all mining markets, where industry leaders go to read about breaking issues affecting their business.
Spike TV Digs Down Deep for New Original Series,
“Coal” Featuring the Lives of West Virginia Coal Miners
Premiered - Wednesday, March 30
We're very excited about the premier of Spike TV's New series, titled "Coal" that is debuting tonight and we hope you are too!
Spike TV takes viewers down into the depths of the earth for an unprecedented look at one of the most dangerous and compelling jobs in the world, coal mining. Spike TV premiered the 10 episode, one-hour docu-reality series, narrated by Jeremy Sisto, Wednesday, March 30. The series comes to Spike from Thom Beers’ Original Productions, a FremantleMedia company. Beers is the mastermind behind hit cable series that explore high-risk occupations such as the Emmy Award-winning “Deadliest Catch,” “Ice Road Truckers” and “Ax Men.”
“Coal” centers on the operations of a single mine, Cobalt Coal, located deep in the heart of coal country in McDowell County, West Virginia. The story is told through the eyes of part owners, Mike Crowder and Tom Roberts. The two struck up a mining partnership while watching their sons practice football and have invested their life savings into starting this mine operation. Crowder and Roberts face pressure every minute of every day to keep the mine up and running or face personal financial ruin but, more importantly, to keep their workers safe in a highly combustible environment where one wrong move could prove deadly.
Coal mining is an integral part of the American economy and the lifeblood of many communities, not only across the United States, but around the entire world. Cobalt is a metallurgical mine and the coal mined here is used primarily for making steel. This type of mining is called pillar mining, which means miners enter the bottom of a mountain horizontally and cut channels through the rock that measure a mere 36 to 48 inches in height. It is within this cramped, claustrophobic environment more than 600 feet into the mountain that “Coal’s” life and death drama unfolds.
“Coal” also focuses on Cobalt’s machine operators, foremen, electricians and bolt operators in one of the most dangerous workplaces on the planet, underneath the mountains of Appalachia. “Coal” tells the personal stories of sacrifice and survival that these miners face each day to provide for their families and keep their local communities thriving.
Viewers can learn more about coal mining and the miners at Cobalt Coal by visiting coal.spike.com. The site offers exclusive videos, interviews with the miners and production crew, an interactive map of West Virginia where Cobalt Coal is located and a series of informational articles about the coal industry. Spike has also launched COAL badges as part of its social media outreach for the series. Found on Spike’s “Coal” Facebook page, http://www.facebook.com/SpikeCoal fans, supporters and family members of coal miners can post COAL badges in their Facebook newsfeed showing their pride and support of coal miners. Viewers can also follow the “Coal” Twitter @COAL_SPIKE for all the latest on the series including pre-screening events in Kentucky, West Virginia and Pennsylvania.
Grosvenor Coal Project Step Closer
Daily Mercury - Tom Williams
March 18, 2011
The Grosvenor underground coal project, expected to create more than 1000 jobs, is one step closer to filling the first trains with metallurgical coal.
Anglo American has released the Environmental Impact Study (EIS) for the Grosvenor project, which involves the construction and operation of a greenfield underground coal mine near Moranbah.
Already it is rumoured that Indian state-run International Coal Ventures (ICVL), a consortium of five state-run metals and energy companies, has made a bid to acquire a 12% stake in the yet to be built mine for approximately $200 million.
A spokeswoman for Anglo American said the mining giant regularly held discussions with steel customers to explore ways in which they might add value to projects, although Anglo American would not comment on any bids for Grosvenor. “Our only asset actively on the market is our Callide mine (near Biloela),” she said.
Grosvenor project manager Byron Higgins said the underground coal mine could potentially produce up to seven million tonnes per annum (Mtpa) of run-of-mine (ROM) coal, which would be processed to produce approximately 4.3 Mtpa of coking coal for export.
“The Grosvenor project team has conducted detailed stakeholder consultation and environmental studies as part of the EIS process to better understand issues of importance to government agencies, stakeholders and our Moranbah neighbours,” Mr Higgins said. “Groundwater, air quality, flora and fauna, geochemistry and a social impact assessment are examples of just some of the studies completed as part of the EIS.”
Construction activities for Grosvenor are expected to commence in late 2012, with longwall mining commencing in 2015.
The Grosvenor operation will be established adjacent to Anglo American’s existing Moranbah North facility, with all coal processed through the existing Moranbah North Coal Handling Preparation Plant (CHPP).
Corsa Announces Agreement to Purchase the Casselman Mine and a US$25 Million Credit Facility
Press Release Announcement
TORONTO, ONTARIO--(Marketwire - March 22, 2011) - Corsa Capital Ltd. (TSX VENTURE:CSO) ("Corsa" or the "Corporation") is pleased to announce that it has entered into an agreement dated March 22, 2011 (the "Agreement") with the owner of the Casselman mine, Maryland Energy Resources, LLC ("MER"), and the owners of MER, pursuant to which Corsa will acquire MER (the "Casselman Mine Transaction"). The purchase price is US $15,000,000 and the assumption of approximately US $1.2 million of debt. In addition, production from the Casselman Mine is subject to a 1.25 percent royalty in favour of the MER vendors.
The completion of the Casselman Mine Transaction is expected on or about April 21, 2011 and is subject to a number of conditions, including normal closing deliverables, ratification of certain matters with respect to leases and third party consents and approvals. Upon the completion of the Casselman Mine Transaction, MER will be an indirect wholly owned subsidiary of Corsa.
Mr. Charter, the President and Chief Executive Officer of Corsa, stated 'The Casselman Mine will provide us with a permitted long life mine giving us an immediate new source of metallurgical quality coal for our plant and an immediate increase in our expected production.'
The Casselman mine will be a long life underground metallurgical coal mine located in Garrett County, approximately two miles south of Grantsville, Maryland, USA. All the necessary permits for this mine are in place and the mine face up has been completed in order to permit mining operations to commence immediately. This project is approximately 31 miles by truck from Corsa's Wilson Creek coal preparation plant in Somerset County Pennsylvania.
The Casselman Mine is planned to be developed in the Upper Freeport Coal seam. This mine has recently been permitted by Maryland Energy Resources for a total of 2900 acres. The permit area has been drilled extensively with 52 cores extracted, the most recent of which (27) were pulled in 2011 and 2010 by Wilson Creek Energy and others. The results of the most recently extracted cores are in Wilson Creek's possession and the previous 25 were generated by The Bureau of Mines, U.S. Department of the Interior, in 1952.
Preliminary calculations, based upon anticipated permit buffers, result in an estimated footprint available for mining of 2,677.8 acres. Within that footprint the coal averages 3.65 feet in thickness, based upon the 52 cores extracted to date. The most recent 27 core samples represent approximately 2/3 of the mining footprint. Eight of those cores have been subjected to analyses designed to mimic the specifications of the Wilson Creek coal preparation plant. These analyses exhibit the following averages on a dry basis:
In seam recovery - 82.8%,
Ash content - 7.6%,
Sulphur content - 1.0%,
Volatile Matter - 21.2%,
The preliminary calculations indicate the presence of 17,010,977 tons of in-place, low volatile, coking coal within the most recently defined 2,677.8 acre footprint. This deposit meets the definition of an indicated coal resource as per National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). A technical report (within the meaning of NI 43- 101) has not been prepared in respect of the Casselman Mine. The effective date of the estimate of the mineral resources contained in the press release is March 11, 2011. The estimate of mineral resources reflects known environmental, permitting, title and other relevant matters. The footprint will require further definition in the following areas in order to achieve the classification of a coal reserve: surface and mineral control, mineability related to geologic conditions, and economic viability. The mineral resources referred to in this press release have not been classified as a mineral reserves and a feasibility study has not been completed. Accordingly the economic viability of the proposed Casselman Mine operations has not yet been demonstrated.
Corsa's initial estimates are that it should be able to commence mining operations at the Casselman mine in July of this year assuming the transaction closes by mid-April. Management is currently arranging the necessary equipment purchases and staffing in order to begin mining operations immediately. The initial estimates are that at full production levels this mine can produce approximately 530,000 raw tons annually.
The Credit Facility
In connection with the Casselman Mine Transaction, Corsa has entered into a U.S. $25 million senior credit facility (the "Facility"). The Facility will consist of two separate loans, both of which will be drawn down in one advance. The first loan will provide for a U.S. $5.5 million loan with a term of 13 months. The second loan will provide for a U.S. $19.5 million loan with an initial term of 6 months from the date of issue, subject to an extension at the option of Corsa for a further 6 month term. The loans will be evidenced by two separate debentures secured by a pledge by Corsa of the shares of its principal subsidiary Wilson Creek Holdings, Inc. Corsa will use the proceeds of the Facility to fund the Casselman Mine Transaction and for related capital requirements as well as for working capital purposes.
No interest is payable for the initial terms of the loans (including the second six month term). Thereafter, should the loans remain outstanding (or in the event of a default), the loans will bear interest at a rate of 5% per annum payable semi-annually, which interest may be satisfied by the issuance of common shares of Corsa at a price equal to 95% of the market price (as determined in accordance with the policies of the TSX Venture Exchange) determined at the date of payment.
In connection with the Facility, Corsa proposes to issue, subject to regulatory approval, an aggregate of up to 3 million common shares and 3 million warrants (the "Warrants") to purchase common shares in the capital of Corsa, of which 3 million Warrants and 1.6 million common shares will be issuable on the date of draw down, and an additional 1.4 million common shares will be issuable on the date of the extension of the 6 month loan. The Warrants will be exercisable for a period of two years from the date of issue at an exercise price of $1.15 per share. There is no standby or commitment fee payable by Corsa in respect of the Facility. The lenders (each as to 50% of the aggregate principal amount of the Facility) are Zebra Holdings and Investments S.a.r.l. and Lorito Holdings S.a.r.l. Zebra Holdings and Investments S.a.r.l. and Lorito Holdings S.a.r.l. are two companies wholly owned by a Lundin family trust. They each currently hold 19,889,000 common shares of Corsa, for an aggregate of 39,778,000 common shares (representing 17.1 % of the issued and outstanding shares of the Corsa). Assuming the issuance of 3,000,000 common shares and the issuance of an additional 3,000,000 common shares on exercise of the Warrants, they will hold an aggregate of 45,778,000 common shares of Corsa, representing 19.6% of the issued and outstanding shares of Corsa.
Completion of the financing is subject to documentation and satisfaction of related conditions.
The mineral resource estimates have been prepared under the supervision of, and the technical information in this press release was verified and approved by, Dennis Noll of Earthtech Inc., a qualified person, as such term is defined in NI 43-101 - Standards of Disclosure for Mineral Projects. Dennis Noll is independent of Wilson Creek. Production projections and sales projections expressed in tons in this press release are management's estimates.
Information about Corsa
Corsa's main operating subsidiary is Wilson Creek Energy LLC based in Somerset County, Pennsylvania. Its primary business is the mining, processing and selling of metallurgical coal, as well as actively exploring, acquiring and developing resource properties consistent with its coal business.
Firestone Energy awards contracts
March 22, 2011
Australian exploration company Firestone Energy said Tuesday that it has awarded major infrastructure, treatment plant and rail contracts for the development and construction of its coal mine on the property known as Smitspan in the Waterberg region.
It has awarded a contract to Virtual Consulting Engineers - a project management and consulting engineering company which is well-positioned to initiate, procure and manage project teams that are specifically selected to meet Firestone's requirements, the company said.
Virtual Consulting Engineers was established in 1999 and has been a leading force as programme managers on numerous major projects, including infrastructure maintenance, and infrastructure provision programmes.
It has awarded a Coal Processing Contract to Ingwenya Mineral Tech which has extensive experience in the domain of coal preparation to offer effective solutions in the area of Conventional Coal Washeries.
Ingwenya offers Firestone the latest and best technology in coal processing through the HM Modular Coal Washery with capacities up to 150 TPH. It has experienced and highly skilled personnel for the design of preparation plants to produce both power-generation coal as well as metallurgical and coking coal, Firestone noted.
It has also awarded a rail contract to RCE Consultants - an independent railway and civil engineering consultancy with offices in Gauteng. The company provides quality railway and civil engineering services, specialising in the planning, design, and project management of rail and port-related projects. RCE Consultants have a solid track record of delivering and is well positioned to meet Firestone's demanding schedule, it said.
In addition Firestone's Board has issued tenders calling for submission of offers for contract mining of the Smitspan coal deposit. The contractor meetings will be held over the next week in anticipation of the appointment of a mining contractor by the end of April 2011.
Firestone Energy Chairman David Perkins said the appointment of these contractors is of great significance.
“Their combined experience substantially de-risks this project, and together with the mining contractor, when that appointment is announced, they secure for Firestone the resources and skills required to bring into existence its coal mining operations in the Waterberg.” - I-Net Bridge
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