Regional: TurkPower signs deal to acquire Toguchino coal field
Thursday, December 22 2011 - 02:16 AM WIB
A Turkish-American consulting and service operations firm TurkPower Corporation has signed a binding purchase deal to buy Zavyolov Square of the Toguchino Coal Field located in Toguchino District of Novosibirsk Region, Russia.
TurkPower said that it also received inventory of coking coal worth in excess of US$20 million as part of the transaction with the first shipment of coal was expected in the first quarter of 2012.
Zavyalov field, with over 100 million tonnes of forecasted extractable quantity of coal, has typically humic coal with moisture content of maximum 6%, volatile matters of average of 20% and calorific value of between 7990 - 8680 Kcal/kg.
The grades of coal are fit for processing into hard coking coal and metallurgical coke, which are both in perpetual short supply and which trade at a high premiums to "regular" coal, the company said. (romel)