New Colombia Resources, Inc. announced a Letter of Intent (LOI) to develop their $200 million, 2900-acre metallurgical and thermal coal concession in Colombia.
Erasmo Almanza, Director of New Colombia Resources, Inc. received a copy of a Letter of Intent from a major construction company in China to participate in the development of New Colombia's coal project. The construction company would like the opportunity to participate in negotiations with the consortium that will develop this project.
Due to confidentiality agreements, the company will not identify the consortium, which includes the participation of a major power company from Korea interested in building clean coal fired power plants near the coal concession to supply much needed power to Colombia.
The concession contract signed between the National Mining Agency (ANM) and Erasmo Almanza, Director of New Colombia Resources, is 11 kilometers parallel to the Ruta del Sol mega road project that connects central Colombia to the Caribbean coast. Transportation of coal and raw building materials from this concession will benefit greatly from the Ruta del Sol to the Atlantic Ocean, and the company will also benefit from the new roads to the Pacific Ocean which is closer to their coal concessions. The sizable mining title stretches two municipalities, Guaduas and Caparrapi.