Pacific American to focus on developing Elko project

PACIFIC American Coal’s decision to advance its Elko coking coal project in British Columbia with funds from the sale of its 30% in GCI demonstrates the company’s commitment to funding high value assets, it said.

Lou Caruana

The sale of the GCI share for $A1 million follows a strategic review to focus PAK’s activities on its portfolio of high value coking coal assets.

The proceeds from the sale will also advance the development of two other North American assets.

“The Elko coal compares favourably with benchmark coals from around the world including Peak Downs [in Queensland],” the company said.

“PAK is focusing on marketing Elko coking coal into the South East Asian region due to suitability ad favourable location.”