Vista comes at a cost for Coalspur

COALSPUR has posted a $13.3 million net operating loss for the half-year ending December 31 due to exploration and evaluation expenditures associated with its flagship Vista thermal coal project in Canada.
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Location of the Vista coal project.

Lauren Barrett

The company’s net operating loss for the same period in 2010 was $9.3 million.

It spent approximately $10.5 million on exploration and evaluation for the half year.

Meanwhile Coalspur said the cost of developing its Vista thermal coal mine in Canada was expected to be $1.23 billion.

First phase development costs for Vista are expected to be $864 million to reach production volumes of 5 million tonnes per annum, with an additional $370 million required to reach full capacity of 11.2Mtpa in the second phase.

The company only recently completed a bankable feasibility study for the mine, marking the final major technical study before construction on Vista begins.

The DFS defined a 30-year mine life producing approximately 11.2Mtpa of marketable clean coal.

The Vista thermal coal project has the potential to be the largest export thermal coal mine in North America, covering approximately 9984ha.

Construction of the mine is scheduled to start next year.

Coalspur has secured 8.5Mtpa of port allocation at Ridley terminals and has also signed a memorandum of understanding with Canadian National Railway, which will see the development of a high-quality logistics supply chain from Vista to deep water ports on Canada’s west coast.

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