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“The sale is subject to securing a contract for fly ash disposal on the Crossville minesite, a process that is currently underway,” Hillsborough said in an announcement to the Toronto Stock Exchange.
If the sale was completed, Hillsborough said, the purchaser would assume all past and future reclamation liability for the minesite.
Hillsborough said it would eventually receive back its total bonding of $US3.15 million as part of this process.
The producer had previously been evaluating new mine development options for its Crossville operation in Tennessee, but had been pursuing reclamation activities on the mine in the mean time.
Hillsborough’s key operation is the 500,000 tonnes per annum Quinsam underground thermal coal mine near Campbell River in British Columbia.
No price details were provided on the MoU to sell Crossville Coal.
