New Horizon secures 1.5 Mtpa port allocation for coal exports
New Horizon Coal has signed a letter of intent to secure 1.5 million tonnes per annum port capacity at the Texas Deepwater Industrial Port for exporting coal from its Kinney Coal project, ProactiveInvestors reports.
Once the port capacity is allocated, New Horizon will be able to access key thermal coal import markets in Europe, Latin America and Asia. The company's export throughput can be further expanded to 3 million tonnes per annum in line with capacity expansion at its coal project.
The deepwater port is suitable for loading both Panamax and Post Panamax or baby Cape-Size vessels. TDIP is a fully permitted bulk coal handling terminal with initial throughput capacity in phase 1 development slated to be 7 million tonnes.
The phase 2 could potentially increase to 15 million tonnes per annum. Construction of the facility is due to commence in first quarter of 2013 with coal exports commencing at the terminal by the last quarter of 2014.
New Horizon acquired the Kinney Coal Project in late 2011 and it lies in a mature mining region which has historically produced over 30 million tonnes of coal annually from underground mines.
The Kinney Coal Project plan involves underground mining of two major coal seams using multiple, continuous miner sections in a room and pillar mining operation.
