Phase #2 Project:
Keck Hollow: (Permit #861-0560)
Total $350,000 Budgeted
Location:
Mine located on Middle Fork, near Gray, Kentucky in Knox County.
Permitted Area:
367 acres of Highwall Mining reserve in the Jellico coal seam.
Resource Type:
The Jellico coal seam is a specialty coal and averages 26″ in seam thickness.
Proven Reserve Total:
400,000 tons.
Life Span:
2.5-3.5 years depending upon the depth of penetration by the highwall miner.
Purchase Order:
$67/ton depending on production rates.
Highwall Mining Agreement:
Negotiated and will be in hand within a few days. Additional HW mine contractors available if needed.
Production Rate:
15,000 tons to max 20,000 tons
Profit Per Ton:
Production costs projected to be less than $57/ton. A sales price of $67/ton is the minimum price currently offered. The sales price will increase as we begin to produce and companies buying this product can sample the product and be more assured the mine will operate and be able to produce the promised product.
Permit status:
Permit is bonded and issued. Road and two ponds constructed along with diversions and coal stockpile area. Approximately 3000 feet of bench area cleared and ready for exposing the coal seam to mine. Mine office is present on the mine site, MSHA plans approved and Mine license application awaiting approval of workers’ compensation policy to be issued. KPDES (water) permit must be activated and operator added to permit. This mine site is ready to produce coal currently. A HW miner requires approximately 10 days to erect and more than 35 large trailer loads of components and parts. During those 10 days, we will excavate 300 feet of Jellico seam to be mined. Production could begin within 15 days of closing of financing.
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