Coalspur Secure 14 Year Port Allocation for up to 8,5 Mtpa with Ridley Terminals
Friday, 28 October 2011 08:26
Coalspur Mines Limited announced that it has reached an agreement with Ridley Terminals Inc. on terms for the shipment of export thermal coal from Coalspur’s Vista Coal Project.
The agreement entitles Coalspur to up to 6.0 million tonnes per year of port allocation with an option for an additional 2.5Mtpa and has been structured to reflect the expected production profile of Vista. The agreement has a 14-year term that commences in January 2015 and includes an option to extend the term for an additional seven years.
Commenting on the port agreement with Ridley Terminals, Gene Wusaty, Managing Director and CEO, said "We are exceptionally pleased to have concluded this landmark agreement. It represents a major milestone in the development of Vista as it secures port allocation for the majority of the expected production until 2035. The agreement provides Coalspur committed access to the thermal coal markets in Asia and significantly de-risks the development of Vista as it advances towards the construction phase.”
