NuCoal Energy - new DealChinese firm makes bid for Sask. coal landowner in deal that promises new plant
By Canadian Press, September 9th, 2010 at 9:33 pm
A Chinese company is seeking majority ownership of Saskatchewan’s biggest coal landholder.Shareholdersof Nucoal are expected to vote September 23rd on a deal to hand over 65per cent of their company to Coal Based Investment Holdings CompanyLimited.
If approved, the deal would see the buyer construct aprocessing plant incorporating new Chinese technology to producefertilizer, methanol and electricity from coal.
NuCoal presidentJamie McIntyre says he's delighted by the prospect, saying the Chineseare world leaders in coal conversion technology.
The location of the plant has not been determined.
NuCoal suggests in a letter to shareholders that at least 250 jobs would be created.
DavidButler, with the Canadian Clean Power Coalition, says the move couldmake Saskatchewan a leader in a brand new industry. He notes there issome use of polygeneration technology in the United States, but nowherein Canada.
However, Butler stops short of saying he supports the plan because questions remain about how the plant would work.
(CJME)
Sparton Website:
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| | | Non-Conventional Uranium/Germanium Opportunity
in Southern Saskatchewan with NuCoal Energy | | |
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| | | Sparton and NuCoal, a private energy company, will jointly evaluate the potential of NuCoal’s lignitic coal holdings in Saskatchewan to host commercial Germanium and Uranium mineralization | | |
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| | | Program will also test the feasibility of recovering valuable metals from residue material produced by the coal to liquids(“CTL”) program being developed by NuCoal in this area | | |
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| | | NuCoal presently controls over 1.8 million hectares (4 million acres) of mineral leases and claims in southern and central Saskatchewan with historical resources (non NI 43-101 compliant) exceeding 6 billion tonnes of coal | | |
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| | | Initial field sampling located coal assaying up to 0.025% U - 2010 summer program planned |