Atomic gets IMF support for virgin coal play

COAL and uranium explorer Atomic Resources has started a bankable feasibility study of the Ngaka thermal coal project in Tanzania, which the company says has the blessing of the International Monetary Fund and the World Bank.
Atomic gets IMF support for virgin coal play Atomic gets IMF support for virgin coal play Atomic gets IMF support for virgin coal play Atomic gets IMF support for virgin coal play Atomic gets IMF support for virgin coal play

A geological map of the Ngaka coalfield. Courtesy Atomic Resources. Note: Name of the coalfield was originally thought to be Mgaka.

Blair Price

Named after the Ngaka coal fields, the project contains 179 million tonnes of thermal coal resources.

Aside from the mine, Atomic is also planning to construct a 400-megawatt onsite “clean coal” power station to be combined with an integrated gas combined cycle gas plant.

“The project enjoys the strong support of the International Monetary Fund and the World Bank and we’ve had project finance discussions with several American, European and African institutions,” Atomic managing director Dave Holden said.

Mining is expected to kick off one year after the completion of the BFS and is targeting initial production of 1 million tonnes per annum.

Production is expected to double on completion of the IGCC plant, which will take three years to construct.

Perth-based Atomic holds 70% of the Ngaka project while the Tanzanian government has the remaining stake.

Shares in Atomic are unchanged at 13.5c.

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