The company confirmed Thursday that it had received an opinion letter from engineering firm, Incoplan, which was selected to complete the property’s geological engineering model and environmental impact assessment.

The firm’s recent engineering report reflects approximately 17 million metric tons of reserves at La Tabaquera. It also recently inked a letter of intent for the adjacent La Herradura property earlier this month, and said that property was almost seven times larger.

La Tabaquera’s reserves are estimated to be 70% metallurgical and 30% thermal. It is now aiming to begin deep geological drill tests to produce a National Instrument 43-101 technical report for both properties, and hoped to secure La Tabaquera mining permits this year.

Once approved, VSUS estimates 30,000 million metric tons per month of production, ramping up to more than 100,000 million metric tons per month.

Incoplan has confirmed that both La Tabaquera and La Herradura coal mines do not have any grounds for a license denial, a decision often associated with land on indigenous or Afro-Colombian territory.

“We believe with 100% certainty on our part that once the geological engineering model and environmental impact studies are submitted before the environmental and mining authorities, the licenses required to start the operation and exploitation of the mine will be issued,” Incoplan president Fabio Villamil said.

VSUS plans to construct or acquire wholly owned river loading facilities on the Magdalena River near the mines, and said the trucked coal will then be barged via the Magdalena River to terminals in Barranquilla, Santa Marta, or Cartagena for export.