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Most of that money will be used to further investigate and develop the Fox Creek coal project with the aim of producing a bankable feasibility study within two years of the initial public offering. The remainder of the funds will be used for general working capital.
A resource of about 777 million measured and indicated tonnes of sub-bituminous C coal has already been determined.
The Fox Creek coal project comprises six coal leases covering 22,688 hectares. This ground is held through ACC’s subsidiary Fox Creek Coal. The leases grant the exclusive right to win, work and recover coal from the area.
Shell and Esso have completed more than 21,000m of drilling over the area, leading to the 777Mt resource – with 431,073t in the measured category and 345,898 indicated.
ACC chairman Chris Kyriakou has overseen a number of mines from exploration through to project finance and commissioning. According to the Natasa Mining website he has been executive director of Giant Yellowknife Mines, Pamour Mines, West Witwatersrand Gold Holding, Bow River Diamonds and Minera Roca Roja.
The company’s chief executive John Hogg was previously chief executive of Canada’s Western Coal.
