Morien Resources Corp V.MOX

Alternate Symbol(s): APMCF

Coal Coal

Morien Resources Corp. is a Canada-based mining development company. The Company’s principal business is the identification and purchase of mineral interests and projects. The Corporation holds two royalty interests on the sale of coal from the Donkin Mine in Cape Breton, Nova Scotia, and a royalty on the sale of crushed stone from the permitted Black Point Quarry Project, in Guysborough County, Nova Scotia. The Company owns a gross production royalty on coal sales from the Donkin Mine in Cape Breton, Nova Scotia, owned by Kameron Collieries ULC, a subsidiary of The Cline Group LLC. The Black Point Aggregate Project is a granite deposit with a mine life of around 75-years located along the southern shore of Chedabucto Bay in Guysborough County, Nova Scotia. The Project possesses suitable characteristics for the development of a crushed stone marine export operation for supplying markets in the eastern United States.

TSXV:MOX - Post by User

Morien Resources Corp

Bullboard Posts

Comment by power_auditoron Feb 24, 2013 11:43am

167 Views

Post# 21035149

RE: RE: and another gift

Nice article written on Feb13 found at Platts. especially interesting is the 2015 date. another gift but to whom now.something to think about. do not forget to note who is updating Platt

Morien waits for Xstrata sale offer for Donkin mine in Nova Scotia

Louisville, Kentucky (Platts)--13Feb2013/548 pm EST/2248 GMT

The timetable for the proposed $500 million Donkin Coal Project in Nova Scotia has not yet been altered by Xstrata Coal's failure to meet a self-imposed December 31, 2012, deadline to sell its 75% stake in the project, an official said Wednesday.

"At this point, it doesn't affect the timetable," Ken MacDonald, vice president of business strategy and chief financial officer for Erdene Resource Development, said in an interview.

Erdene, based in Dartmouth, Nova Scotia, owns the remaining 25% interest in Donkin.

Erdene, however, hopes for an Xstrata sale offer soon, he said, adding: "At some point, some consideration has to be given to make sure we stay on track."

Donkin's timetable becomes more problematic if the sale process drags on for another three to six months, he said.

In late 2012, shareholders of Erdene and Advanced Primary Minerals approved a plan of arrangement that resulted in the formation of a new Canadian mining company, Morien Resources, in which MacDonald, a Nova Scotia native, also is involved.

Donkin, an underground operation that it is hoped will produce 3.6 million st/year of coking quality and steam coal on Cape Breton Island along Nova Scotia's northeast coast, is Morien's primary asset.

Morien, he said, "is waiting patiently" for an Xstrata offer. Once Xstrata gets a sale proposal, "we have the right of first refusal."

If no offers are submitted to Xstrata, "we have to strategically position ourselves to put ourselves in a favorable position," he added.

MacDonald sees existing coal markets as a "moving target," or in an almost constant state of flux. "It underscores the importance of having high-energy coal and being on the water," he said. "Both of these economic factors are playing into our hands nicely."

Much of Donkin's coal is expected to be sold overseas, although some coal conceivably could be placed locally with Nova Scotia Power, operator of the Lingan and Point Aconi power plants on Cape Breton.

Production is scheduled to start at Donkin by May 2015.

--Bob Matyi, newsdesk@platts.com --Edited by Keiron Greenhalgh, keiron_greenhalgh@platts.com