28th Apr 2016 10:20
LONDON (Alliance News) - Prairie Mining Ltd said Thursday it will commence a definitive feasibility study at its Lublin Coal project in eastern Poland after all options have been "suitably examined", following the completion of a pre-feasibility study in the first quarter of 2016.
Its focus is now on obtaining a mining concession for the project.
The pre-feasibility study confirmed the "robust economics and technical viability" of the Lublin Coal project, Prairie said, with operating cash costs in the study average only USD25 million per tonne which would position it as the lowest cost supplier of coal into its key target markets.
The key study results including an initial mine life from first production of 24 years, with an annual saleable coal production average of 6.34 million tonnes per year.
Going forward, Prairie Mining will look to complete its deposit development plan, which is a key part of the Polish requirement for a mining concession application, and will continue with other required permitting activities.
Shares in Prairie Mining last traded at 8.45 pence but were untraded on Thursday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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