American Power Corp. (OTC.BB:TGMP) will proceed to kick start the development of its advanced Pace Coal Project in Judith Basin County, Montana.
In April 2010, American Power Corp. acquired roughly 29,000 acres, which make up the Pace Coal Project. In 1979 Mobil Oil Co. (now ExxonMobil) drilled 30 holes over 14,000 of the project’s acreage, and delivered 45 samples which were later sent to an independent laboratory for analysis. It was subsequently determined that both the quality and the quantity of coal on the Pace acreage was high and significant, respectively. Several independent reports were commissioned based on the development work undertaken by Mobil Oil, determining there could be in excess of 410 million tons of high volatility bituminous coal potential on the Pace acreage.
American Power Corp. has access to a large and experienced workforce in Great Falls, Montana, and the coal project may provide hundreds, if not thousands, of new, high-paying jobs for the local economy (according to the U.S. Bureau of Labor Statistics, the average annual wage in the mining industry in Montana was $70,779 in 2008, or 122 percent higher than the average wage in the state).
Substantial infrastructure is already in place adjacent to and within the acreage, including a federal highway, a BNSF railway line, pipeline, and power lines, all of which would facilitate the economic extraction and transportation of coal to market.
Mechel OAO (NYSE:MTL), one of the leading Russian mining and steel companies, has signed a cooperation agreement with JSC Federal Grid Company of Unified Energy System (FGC UES) and JSC RusHydro (RusHydro), which regulates the parties’ cooperation while implementing investment projects on construction of Nizhne-Bureisk hydro power plant (HPP) and Elga coal mining complex.
According to this agreement RusHydro will construct Nizhne-Bureisk HPP as well as develop power generation schemes. Mechel OAO will commission power receivers for Elga coal mining complex. FGC UES in its turn will construct external power supply facilities of Elga coal mining complex as well as provide power schemes of Nizhne-Bureisk HPP.
Construction of power facilities for Elga coal mining complex is included into the draft of FGC UES investment program for 2010-2014, which is submitted for approval to the Ministry of Energy of the Russian Federation.
Elga coal deposit is the largest coking coal deposit in Russia. It is located at the South-Eastern part of Yakutiya, 415 km to the East from Neryungri City and 300 km from Baikal-Amur railway. Estimated balance coal reserves amount to 2.2 billion tonnes.
Mechel is one of the leading Russian companies. Its business includes four segments: mining, steel, ferroalloy and power. Mechel unites producers of coal, iron ore concentrate, nickel, steel, ferrochrome, ferrosilicon, rolled products, hardware, heat and electric power. Mechel products are marketed domestically and internationally.
Westmoreland Coal Company (AMX:WLB) is a premier U.S. energy company with strong leadership, a solid foundation of tangible assets and a proven strategy for growth. Having transitioned from predominantly eastern underground coal production over the past decade, the Company�s current operations include surface coal mining complexes in three western states and power operations in the east and west. Today, Westmoreland employs over 1,125 people in six states, and is producing approximately 30 million tons of coal and generating 1.6 million megawatt hours of electric power annually. Westmoreland also provides post-retirement benefits to over 2,000 people, mostly former coal miners and their dependents.
Westmoreland’s emphasis is on mine-mouth operations. This positions the Company as the lowest-cost fuel supplier to some of the cleanest, most economical and highly utilized coal-fired utility-owned power plants in America.
Westmoreland has also developed eight independent power projects, and currently owns 100% of two projects. The Company�s two North Carolina plants are coal-fired and deliver base-load power to Dominion North Carolina Power.
Westmoreland�s streamlined organization, focused leadership, attention to cost management, and niche growth strategy has resulted in the Company�s garnering various energy sector awards, including the Platts/BusinessWeek Global Energy Strategic Merger of the Year award in 2002 and the ColoradoBiz/UMB Bank Energy and Natural Resources Company of the Year award in 2002.
No comments:
Post a Comment