- Athabasca Minerals (TSXV:AMI) have posted their corporate update for Q1 2020
- Subsidiary AMI Rockchain completed its largest ever order, a C$1 million rail ballast contract
- AMI Silica, another subsidiary, is advancing it’s Duverney domestic sand project with an update to its Front End Engineering and Development report
- AMI Aggregates has started operations at its Coffey Lake pit
- At the previous market close, Athabasca Minerals (TSXV:AMI) was trading for $0.15 per share and has a market cap of $6.7 million
Athabasca Minerals Inc (TSXV:AMI) subsidiary, AMI Rockchain has completed a C$1 million aggregates supply job, which is its largest order to date.
The company completed the order in the first quarter of this year, a 15,000-tonne order of specialised rail ballast product delivered to an industrial customer in central Alberta. The order took 5 months to fulfil.
CEO of Athabasca Minerals, Robert Beekhuizen said the company was facing challenging times but was confident the company would adapt during the COVID-19 crisis.
“AMI is an essential service supporting infrastructure, construction and energy sector supply chains in Western Canada.
“We also continue to achieve key deliverables that are instrumental to our growth and diversification program.
“We remain positive and optimistic about AMI’s ability for ongoing transformation in 2020, growing our revenues, and about future expansion from AMI’s projects and strategic initiatives,” he said.
Athabasca rebranded AMI in February of this year, from Aggregates Marketing Inc to AMI Rockchain.
Another Athabasca subsidiary, AMI Silica is in the midst of advancing its Duvernay sand project.
The subsidiary signed a five year off-take agreement with Shell Canada in February and is currently advancing its Front End Engineering and Development report.
Phase one production at Duvernay is expected to cost under $40 million.
AMI Aggregates, the final subsidiary of Athabasca, has also begun production at its Coffey Lake pit. Aggregate loading at the site is on track for the first production order from the site of approximately 100,000 tonnes.
The company has completed land cleaning at its staging hub on highway 63 ahead of schedule. The hub will service regional aggregate companies commercial crushing, processing and stockpiling needs.
Athabasca believes it will complete the project before its third quarter opening.
Athabasca Minerals Inc (AMI) is trading at $0.15 per share before market opens.