California-based coal mining company Colombia Clean Power & Fuels, Inc. (CCPF) will take over operation of a working coal mine at Ruku in Colombia on first of October and expects to put a second larger mine into operation within the next quarter or two, to be known as Otanche.
The company's newly appointed CEO, Ron Stovash said that Colombia offers a great opportunity for the metallurgical market "which is robust and will continue to be." Colombia has an estimated 2 billion mt of met coal reserves, the country's total annual production is currently only about 3 million mt.
Colombia Clean Power & Fuels reported in late July 2011 that, to date, it had acquired six coal mining concessions covering over 10,000 hectares (over 25,000 acres) with an estimated 150 million mt of coal and was actively negotiating additional acquisitions. The company previously reported that it was continuing its exploration activities, having already completed 17 boreholes on multiple properties. In addition, the company was in the process of finalizing a feasibility study for its initial coal coking facility, which it anticipates developing over the next 18 months.