December 2, 2009 / 2:39 PM / 9 years ago

UPDATE 1-Grande Cache gets regulatory nod for new surface mine

* Sees coal production from new mine in Q1 of FY11

* Plans to increase clean coal production

Dec 2 (Reuters) - Canadian metallurgical coal miner Grande Cache Coal Corp GCE.TO said it has received regulatory approval to proceed with the development of a new surface mine at Smoky River Coalfield in west-central Alberta.

The Alberta-based company said it expects to produce coal from the No. 8 surface mine during the first quarter of fiscal 2011, which begins April 1, 2010.

“The No. 8 mine will provide us with over ten years of good quality surface mining resources,” Chief Executive Robert Stan said in a statement.

The company also said it plans to spend about C$180 million ($172.2 million), primarily to increase clean coal production at the existing mine site to 3 million tons per year within the next three fiscal years.

Shares of Grande Cache closed at C$4.07 Tuesday on the Toronto Stock Exchange.

$1=1.045 Canadian dollar Reporting by R. Manikandan in Bangalore; Editing by Anne Pallivathuckal; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below