Colombia's National Mining Agency accepts new applications after a two year suspension
BOGOTA, COLOMBIA - (Accesswire - July 11, 2013) - New Colombia Resources, Inc. (NEWC) submits application for additional acreage. In early 2011, the Colombian government suspended the granting of mining concessions in order to carry out a complete reorganization of the sector, including the creation of new entities to research, manage and monitor the development of the country's mineral resources. Colombia is the world's fourth biggest coal exporter and according to the 2012 BP Statistical Energy Survey, Colombia had year end 2011 coal reserves of 6746 million tonnes, equivalent to 78 years of current production and 0.78% of the world total. This coal consists of high-quality bituminous coal and a small quantity of metallurgical coal.
South American mining companies received encouraging news last week that after a two-year suspension that Colombia’s national mining agency (ANM) has reopened its application process for new mining concessions through a web-based platform. The platform was launched on July 2.
Large-scale miners and junior explorers with operations and projects in Colombia, such as New Colombia Resources, Inc., see this as an opportunity to be in position to capitalize on Colombia’s highly sought after resources, as the country is the largest producer of coal in Latin America. Just last year, the country recorded an output of 89.2Mt. In 2012, Colombian officials have outlined 313 strategic mineral areas with a total of 2.9Mha. Metallurgical coal and other strategic minerals have been identified within the areas.
To immediately take advantage, New Colombia Resources has submitted an application for an additional 148Ha through ANM’s new platform. The company has received an application number and is hopeful to acquire more high-quality metallurgical coal properties to add to its portfolio, which already includes 100 percent of La Tabaquera coal mine.
About New Colombia Resources, Inc.
New Colombia Resources is focused on the acquisition and development of high-quality metallurgical coal properties in the Republic of Colombia. We own 100% of La Tabaquera coal mine in Guaduas, Colombia with an estimated 15- 17 MM tonnes of reserves, 70% metallurgical and 30% thermal coal. We have hired SGS Colombia S.A. to complete a N.I. 43-101 Technical Report; the company is in the process of completing a drilling program. We have applied for a work permit by submitting a works program with the Agencia Nacional de Mineria (ANM), our environmental impact assessment is 60% complete, it will be finished once the drilling results determine our mining plan and environmental impact. We expect to apply for our environmental permit and have our work permit approved in Q3 2013. The drilling program and N.I. 43-101 are expected to be completed in Q3 2013. Once the necessary financing is obtained, the Company plans to have three revenue producing business units in Colombia: coal mining, coking oven facilities, docks, river, and rail transportation to export terminals in Colombia.
Forward Looking Statements
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include financing, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations. New Colombia Resources, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
SOURCE: New Colombia Resources
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