Coalspur Mines Limited (ASX:CPL) Submits Vista Phase 1 Regulatory Applications.
Once approved, Coalspur will have government consent to construct, operate and commission Phase 1 of Vista, which will allow for production of up to 5.0 million clean tonnes of coal per annum ("Mtpa") for 20 years. Following submission of the Phase 1 regulatory applications, Coalspur will commence the technical and environmental studies to support regulatory applications for Phase 2 of Vista, which will expand the capacity of Vista from 5.0Mtpa to 12.0Mtpa. Coalspur is scheduled to submit the Phase 2 applications in 2013. This two-phase regulatory approach follows the schedule outlined in the Vista Feasibility Study which utilizes the Mine Permit and Coal Processing Plant Approval that was transferred to Coalspur by the Alberta Government in May 2011.
Commenting on the submission of the regulatory applications, Managing Director and CEO, Gene Wusaty said "This announcement marks another key milestone in the development timeline for Vista. We initiated the regulatory process and the necessary public engagement and aboriginal consultation over 16 months ago and engaged experienced local consultants to assist us prepare the comprehensive regulatory submission."
"Coalspur has worked diligently to develop a project plan that will ensure all environmental standards are met and that public concerns and issues have been fully addressed. We are confident that our applications and environmental impact assessment will facilitate an efficient review and lead to a positive decision."
Following the submission of the Phase 1 regulatory applications, Coalspur will commence working on the technical and environmental studies needed to support the Vista Phase 2 applications. Once Coalspur receives approval for the Phase 1 applications, which are expected in early 2013, it will subsequently submit the necessary applications for Phase 2.
Coalspur expects to receive approval for the Phase 2 applications in early 2015 which will allow it to expand production to full capacity of 12.0Mtpa.
The applications were submitted to a number of regulatory bodies within the Alberta Government. Coalspur remains in discussions with federal regulatory agencies and expects that federal authorizations or permits will not be required.
The Phase 1 regulatory application includes:
- Amendment to Coalspur's existing Mine Permit
- Amendment to Coalspur's existing Coal Processing Plant Approval
- A complete EIA
- Mine License for detailed pit and waste rock dump designs
- EPEA approval
- Water Act approval
- Mineral Surface Lease
The regulatory process includes consultation with public and industrial stakeholders and aboriginal communities in the Hinton Region. Coalspur has hosted three open houses for the residents of Hinton and Yellowhead County which were well received and achieved productive issue identification with positive resolution of a range of issues. During the open houses the Company provided the attendees with an update on the development of Vista and responded to any questions. The Company also received positive feedback and suggestions to improve and enhance development of Vista.
Coalspur has also completed Traditional Land Use studies with four aboriginal communities and continues to engage them to resolve any issues and ensure aboriginal communities participate in the benefits created by Vista.
About Coalspur Mines Limited:
Coalspur Mines Limited ("Coalspur" or "Company") is a coal exploration and development company with approximately 40,600 hectares of coal leases located within the Hinton region of Alberta, Canada. Coalspur's flagship coal project is the Vista Coal Project ("Vista") which has the potential to be the largest export thermal coal mine in Canada.
Vista covers approximately 9,984 hectares and provides a large scale, surface mineable, thermal coal project. Vista has the advantage of leveraging off of established first world infrastructure with CN Rail's main line located adjacent to Vista which is substantially underutilised and provides a rail line suitable for the transport of coal to deepwater ports on Canada's west coast. Coalspur has also secured a port allocation agreement with Ridley Terminals Inc. which is essential to the logics supply chain necessary to export coal from Vista to the growing demand from the Asia Pacific Rim countries, including China, Japan, and Korea.
A feasibility study was completed on Vista in January 2012, which defined a 30 year mine plan with forecast annual production capacity of 11.2Mtpa. Marketable Coal Reserves on Vista are 313Mt from a Recoverable Coal Reserve of approximately 566Mt. Initial development costs for Vista are expected to be approximately C$860 million with an additional approximately C$370 million required to reach full capacity.
Coalspur has offices in Calgary and Hinton in Canada as well as in Australia. The Company is dual listed on the Toronto Stock Exchange ("TSX") under the symbol "CPT" and on the Australian Securities Exchange ("ASX") under the symbol "CPL".
Copyright 2012 ABN Newswire
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|Date:||May 2, 2012|
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