Printer Friendly

International Reef Resources Ltd; Update on Alpheus Coal Recovery Project.

CALGARY, Alberta--(BUSINESS WIRE)--Nov. 26, 1996--International Reef R(Alberta Stock Exchange:IRF.) International Reef Resources Ltd. (ASE - IRF) is pleased to advise that the first stage of the US$26 million Alpheus coal recovery project, with estimated reserves of 7.7 million tonnes of waste coal in place, has been fully funded. Reef and its joint venture partner, Mineral Development Corporation, have each contributed US$5.85 million in equity to the joint venture vehicle, Resource Recovery II LLC. These contributions provide more than sufficient capital to complete the gravity and oil agglomeration stages of the project which will enable coal production and sales to commence.

This first phase funding will enable coal production and sales to commence from the gravity and oil agglomeration sections of the plant. Negotiations are currently underway to contract for completion of the pyrolysis stage of the project which will enable output to qualify for the US Internal Revenue Service Section 29 tax credits. This equates to over US$30 per tonne. Output at the plant is expected to be 600,000 tonnes per year, with approximately 10 years of reserves in place.

Resource Recovery II, on behalf of the joint venture, is negotiating with contractors for the completion of the pyrolysis plant and a contract for the construction and commissioning of this section of the plant is expected to be awarded in the near future.

The project's New York financial advisor, Ormes Capital Markets Inc., is currently negotiating with major financial institutions who have expressed interest in completing the funding for the pyrolysis section of the project.

CONTACT: International Reef Resources Ltd.

Dr. Malcolm T. Jacques, 416/350-3528

Mr. John P. Ogden, 416/350-3677
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Nov 26, 1996
Words:281
Previous Article:Vyvx puts NFL fans on the 50-yard line during '96-'97 season.
Next Article:Best Software Promotes David Bosserman to Chief Financial Officer.
Topics:


Related Articles
INDUSTRY HOTLINKS.
LITERATURE Hardware/Software.
A Worldwatch Addendum.
INDUSTRY HOTLINKS@www.rubberworld.com.
INDUSTRY HOTLINKS @ www.rubberworld.com.
INDUSTRY HOTLINKS @ www.rubberworld.com.
Geological, ocean, and mineral C[O.sub.2] sequestration options: a technical review.
A solution for coal plant for peat sake.
Biodiversity of sessile and motile macrofauna on intertidal oyster reefs in Mosquito Lagoon, Florida.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters