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Be the first with the news that moves the market- Buffalo Coal (BUF) has received Water Use License for the Balgray Project
- The Republic of South Africa’s Department of Water and Sanitation granted the license for 15 years
- The company has now secured all the required regulatory authorisations for the development of Balgray
- Buffalo Coal is a coal producer with two mines in Kwa-Zulu Natal, South Africa
- Buffalo Coal is a Canadian-based producer of thermal and metallurgical coal
- Buffalo Coal (TSXV:BUF) is trading 25 percent down at 1.5 cents per share
Buffalo Coal (BUF) has received a Water Use License for the Balgray Project.
The Republic of South Africa’s Department of Water and Sanitation granted the license for a period of 15 years.
Subsequently, the company has secured all of the regulatory authorizations required for the development of Balgray- the highest priority project in the company’s current project pipeline.
Buffalo Coal is a South African coal producer with two mines in Kwa-Zulu Natal, namely Magdalena bituminous mine and Aviemore anthracite mine. The company is engaged in supplying anthracite coal and calcine into both domestic and export markets.
Buffalo Coal is focusing on the production of anthracite coal from the Aviemore mine, while the Magdalena mine is placed under maintenance.
Notably, anthracite coal is the highest-ranked coal due to its high carbon content, fewest impurities, as well as its high energy density.
The Aviemore underground mine has an estimated mineable measured and indicated coal resource of 37.6 million tonnes of anthracite coal.
To extend the mine’s life, Buffalo has commenced a process to ensure sustainable operations at Aviemore. The company has identified the old Balgray mine as a significant long-term project and Aviemore North Adit as a potential medium-term project.
Buffalo expects the Balgray project to extend its anthracite operations by approximately 7 years. The company is currently engaging various parties to secure the required funding for the construction of Balgray.
Buffalo Coal is a Canadian-based producer of thermal and metallurgical coal.
Buffalo Coal Corp. (TSXV:BUF) is down 25 per cent trading at 1.5 cents per share at 2:00 pm EST.
