Bathurst Resources Limited, an Australian mining company, has received positive news regarding their Crown Mountain coking coal project in southeastern British Columbia, Canada. The Impact Assessment Agency of Canada (IAAC) has determined that the project’s environmental impact statement (EIS) and environmental assessment application (EA) have passed the conformity stage. This paves the way for the project to move on to the next step, known as EIS probation.
Project Details
- The Crown Mountain project proposes the development of an open-cut mine in a previously unexplored area of southeastern British Columbia.
- The goal is to extract and export coking coal, a key ingredient in steelmaking, primarily to Asian countries, with a focus on Japan.
- Two types of coal will be produced: hard coking coal (86% of production) and pulverized coal injection (PCI) coal (14% of production).
Project Ownership and Funding
- NWP Coal Canada Limited currently holds a 100% interest in the Crown Mountain project.
- Bathurst Resources owns 22.06% of NWP Coal, with the remaining shares (77.94%) belonging to Jameson Resources Limited (JAL).
- An agreement exists between Bathurst Resources and JAL, whereby Bathurst will acquire an additional 27.94% stake in NWP Coal upon a final decision to develop the mine. This will result in both companies holding a 50% interest in the project.
- Bathurst Resources has invested an additional US$500,000 in the project over the six months ending December 31, 2023. These funds will be used to support the EIS probation process.
What This Means
The IAAC’s decision signifies a significant step forward for Bathurst Resources and the Crown Mountain project. By passing conformity, the project’s environmental assessment documentation has met the initial requirements set forth by the Canadian government. Now, during the EIS probation stage, Bathurst Resources will need to address any outstanding issues or requests for additional information from the IAAC. Successfully completing this stage will bring the project closer to receiving final environmental approval.
It is important to note that this is not yet a final approval for the project. Further environmental assessments and regulatory hurdles may need to be addressed before construction can begin.
Source: TheCoalTrader, AI generated
