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Japan's Itochu completes study, confirms investment in Canada's Tenas met coal project

Sydney — Japanese trading house, Itochu Corporation has completed its definitive feasibility study and confirmed the second trance of investment in Telkwa Coal Limited for the development of Canada's 750,000 mt/year Tenas metallurgical coal project, project partner Allegiance Coal said Wednesday.

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Allegiance chairman and managing director Mark Gray said the move showed that Itochu is committed to support the project going forward.

The Tenas metallurgical coal mine's salable production of 750,000 mt/year is expected to be mid-volatile semi-soft coking coal, which will be to the seaborne market with a target FOB cash cost, ex-Port of Prince Rupert, of about $55/mt, Allegiance has previously said.

Its first coal production is targeted for July-September 2021 and it is expected to maintain the production rate for at least 20 years, it said. Itochu will be the sole and exclusive sales agent for all Telkwa coal.

The trance 2 investment, which Allegiance expects to be completed in early July, will take Itochu's investment in TCL to C$3 million in consideration for a 10.1% equity interest.

It is part of a C$6.6 million investment which will see Itochu eventually hold 20% of the issued share capital of TCL, expected to take place following lodgement of an implication for an environmental assessment certificate, targeted for July-September this year.

Itochu also has the option to invest further following the granting of permits to the mine.

-- Nathan Richardson, newsdesk@spglobal.com

-- Edited by Nurul Darni, newsdesk@spglobal.com