CCPF now Colombia Energy

CALIFORNIA-based and South America-focused explorer Colombia Clean Power and Fuels is lining up its coal market goals with a new name, Colombia Energy Resources, along with a new trading symbol.
CCPF now Colombia Energy CCPF now Colombia Energy CCPF now Colombia Energy CCPF now Colombia Energy CCPF now Colombia Energy

 

Donna Schmidt

The transition to CERX on the OTC Bulletin Board was effective at the open of the market on November 4.

The name change was filed October 4 via a Schedule 14C with the Securities and Exchange Commission.

Chief executive officer Ron Stovash said the company decided to change its name to reflect its focus on the metallurgical coal market of Colombia.

“Over the next few months, as we bring our mines into operation and begin to prove our resource base, Colombia Energy Resources expects to demonstrate to the financial markets we are reaching the milestones necessary to achieve our goal of being a leading metallurgical coal producer in Colombia,” he said.

Last week, the company announced it had signed a deal with an unnamed company for the Boavita concession, which it would begin to examine for acquisition potential in the coming year.

No additional terms of the memorandum of understanding were made.

Colombia Energy said it conducted an extensive legal and technical due diligence phase before moving ahead with the process.

“Our goal at Boavita is to initiate an exploration program and mining operations that will result both in proven reserves and saleable coal in 2012,” Stovash said last Tuesday.

The company expects it will sign definitive agreement for the purchase of the concession by the end of this year, which will then permit the company to perform 18-24 months of exploration activities on the property.

Stovash said it would then have the option to move ahead with the purchase if exploration was successful.

Boavita covers approximately 1550 hectares, or 3830 acres and will bring the company’s total concessions acreage to nearly 30,000 acres.

Colombia Energy currently controls nine mining concessions underlying 25,000 acres of land.

It is developing mining, coking and clean coal technology facilities in Colombia and intends to produce both metallurgical and high-grade thermal coal while also putting into place advanced coal technologies, including coal gasification and coal-to-liquids.

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