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Atrum Coal Ltd (ASX:ATU) known for its anthracite production and exploration activities announced about initial positive results from Elan South indicative of premium quality of hard coking coal. Low ash and better coke strength have been witnessed and these aspects indicate high yields while final results have been slated for release in the month of March.
The Elan Hard Coking Coal Project is in the Crowsnest Pass area of Alberta, Canada. Teck Resources Ltd operates five mines, also in the Mist Mountain formation. For the global Steel Production, 25Mt of hard coal is used every year. The coal at Elan corresponds directly to those horizons of the Mist mountain formation found in Teck Resourcesâ hard coking mines and have similar rank in coke strength after reaction (CSR).
After the initial coal quality and carbonization test work on the first two large diameter holes cored at Elan south in 2018, Atrum Coal Ltd confirmed premium quality hard coking coal at Elan South. The confidence in the coking quality of Elan South coal was fortified by Atrumâs Vice president of marketing, Ty Zehir, who has spent more than 30 years in coal quality testing oversight as per the company announcement.
Coke as an essential ingredient for steel production is usually tested for coke strength after reaction (CSR) values. Western Canadian coking coals are foremost the highest quality coking coals on the global market, including low phosphorous and Sulphur.
The group has also announced about appointment of Mr. Richard Barker to its Board of Directors with immediate effect. Mr. Richard Barker has more than 30 years of experience in Metals & Mining industry financing, investment and M&A advisory. Mr. Barker is also the founding director of a 12Mtpa coal mining operation in Queensland and former managing director of RBC Capital Markets and co-head of its Metal & Mining Investment Banking Australian division, and executive director of NM Rothschild & Sons Ltd.âs Corporate Advisory Division. Mr. Barker who is currently the Managing Director of Mosaic Capital Pty Ltd was welcomed on board by the Non-Executive Chairman, Chuck Blixit who was pleased to welcome Mr. Richard Barker on board during the time when the company has been working to rapidly advance the exploration and development of Elan hard coking coal project in Alberta and working to extend the joint venture effort with JOGMEC and other potential partners to move forward the Panorama and Groundhog anthracite projects in NW British Columbia, Canada.
Among various senior management and executive roles, Mr. Barker was previously a non-executive director of Silver Heritage (ASX:SVH). Over the past 25 years in his investment banking career, Mr. Barker oversaw financing, M&A, Fundraising for various global companies in value form $10M to over $1B.
At the time of his appointment to the board, Mr. Richard Barker holds 1,824,000 shares and 1,429,000 options in Atrum Coal Ltd through related entities.
On February 4, 2019, the shares of Atrum Coal Ltd closed at 0.120 AUD and up 14.286% up from the previous close. The stock has seen a 52-week high at 0.165 AUD and a 52-Week low at 0.070 AUD with an average volume of 369,591. The market capitalization for Atrum is about $ 38 million.
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