In West Virginia, Coal International wholly-owned subsidiary King Coal commenced its first coal production this month as it heads towards initial sales in 2006. Mine output will be put through the recently refurbished 6Mtpa preparation plant.
King Coal is also seeking permits for the development of underground reserves of high quality metallurgical coal at nearby tenement Powellton, which will significantly expand its production capacity.
During the year Coal International acquired 20% of Energy Build Holdings, which controls significant surface and underground coal resources in Wales.
It also bought 19.6% of NEMI Northern Energy and Mining, an emerging metallurgical coal producer in north-east British Columbia.
“We have had a strong start since coming to AIM earlier this year and have fulfilled our initial objectives of acquiring and investing in near production coal assets,” Coal International chief W Durand Eppler said.
“We have already brought our first coal mine into production and aim to become a substantial coal producer within the next few years, enabling us to capitalise on the strong fundamentals which are driving the global markets for coal and steel.”
Coal International began trading on AIM during April this year with an initial capital of £20 million ($A47,633,482).
