New Colombia Resources, a US -based publically traded metallurgical coal company listed on the OTC, has signed a joint venture deal with owners of the San Gregorio mine located in Cucuta, Colombia. The mine has estimated reserves of more than 40 million mt of high quality metallurgical coal. This venture is established to bring the mine to large scale production and compliments their existing developing metallurgical coal mines in Guaduas, Colombia which are also slated to launch operations in early 2017.
The contract for the San Gregorio mine includes an approved work plan and an environmental license that allows for production of coking coal to begin in the first quarter of 2017. The company plans to produce 15,000 mt per month early in 2017, scaling up to 30,000 mt per month by year end.