IPO AND LISTING TO RE-ESTABLISH METALLURGICAL COAL MINE
Montem Resources owns metallurgical coal properties in Canada, known as the Chinook Properties. Recently opening an Initial Public Offering, which closes on 17th October, Montem Resources aims to list on the ASX on 31 October.
Proceeds from the offer will be used to ready the Tent Mountain mine for re-start, whilst exploring and evaluating the development potential at the other Chinook Properties.
THE CHINOOK PROPERTIES
Located in Alberta, four of the Chinook Properties have been mined previously with Tent Mountain closing in 1983.
The Chinook Properties have significant remaining open-cut resources, with JORC estimates of 163Mt (Indicated & Inferred) across four of the properties.
All properties contain metallurgical coal and remain open for expansion of resources through exploration.
Montem Resources aspires to develop a regionally integrated mining complex in the Crowsnest Pass region, leveraging central infrastructure and focusing on low cost development of open cut coking coal mines. The Tent Mountain mine is expected to re-start mining in 2020.
Tent Mountain mine produced hard coking coal from open-cut mining which was exported to Japan. Previous mining at Tent Mountain has left an access road, open-pits, and cleared/disturbed areas suitable for site facilities. Tent Mountain contains Indicated and Inferred in situ resources of 45Mt of coal resource estimated compliant with the JORC Code, with further exploration and resource definition activities planned.
Montem retains a complaint Mine Permit and EPEA for Tent Mountain . An amendment to the EPEA is required to restart mining. The Board believes the existence of the existing permits provides a significant advantage in re-establishing mining activities in a comparatively short time frame.