Cline Mining Corporation T.CMK

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Port approves leases of refrigerated warehouse, other property to coal mine company Both leases are expected to bring about $1 million in rent during the next five years and $300,000 a year thereafter





CORPUS CHRISTI — Port of Corpus Christi commissioners during their regularly scheduled meeting Tuesday approved the lease of a cold-storage facility, the second time in as many years and also leased property to a Canada-based mining company for coal storage.
Both leases are expected to bring about $1 million in rent during the next five years and $300,000 a year thereafter.
Commissioners leased about 18 acres at the bulk terminal to Colorado-based New Elk Coal Co., a subsidiary of Toronto-based Cline Mining Corp.
New Elk plans to ship about 1 million tons of metallurgical coal in 2011 to primary markets in Europe, Brazil and Korea. Met coal is a primary ingredient in 70 percent of the world's integrated mill steel production.
Kenneth Bates, Cline's president and CEO, told commissioners Tuesday the company will focus on seaborne trade and will reach its 3 million ton capacity by November.
"We have plans to increase that and move about 6 million tons a year," Bates said.
The five-year lease also includes five additional five-year option periods. The $225,000 a year rent will be discounted 50 percent to $125,000 for the first 10 years or until site improvements are paid off.
New Elk also will get a 50 percent discount on ship loader fees up to 10 years or until improvements made on leased premises are paid off. The company plans to build a new surfaced pad and install conveyors from the port's rail dump station and a dust suppression/sprinkler system equipment.
Commissioners also approved Georgia-based Sherborn Ventures' lease of the refrigerated warehouse, beginning April 1. The port will spend about $250,000 to repairthe facility, said Frank Brogan, the port's deputy director.
The refrigerated warehouse cost the port about $6.8 million in operating costs and depreciation between 2005 and 2010, according to port documents.
Chris E. Hughes, Sherbon's principal, has eight years experience in the cold-storage business and said the facility is not only specialized for frozen foods but also has great trade flow.
"There are domestic and regional opportunities as well as opportunities in the retail and wholesale markets," Hughes said. "Government, state and military markets offer yet other opportunities. Those are encouraging."
Sherbon will pay $370,000 in rent during the initial five-year lease. Sherbon also has the option to buy the building and improvements at appraised value.
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