Atrum Appoints Craig Burton to Board
Atrum Coal NL (“Atrum” or the “Company”) (
ASX:ATU) (ATRCF:OTCMKTS) is pleased to welcome Mr Craig Burton to its Board of Directors with effect from 1 January 2017.
Mr Burton has more than 25 years’ experience in financing, developing and managing emerging resource projects in Australia, Canada and the UK. He has co-founded numerous resource companies. Seven resource projects co-founded by him have advanced from exploration into production, including two that became ASX/200 companies.
Mr Burton invested $2.5 million in Atrum’s recent capital raising and is keen to assist the Board with a focus on advancing the Groundhog project.
Mr Burton is currently a non-executive director of two listed companies, Cradle Resources Ltd (ASX:CXX) and Capital Drilling Ltd (LON:CAPD).
Mr Burton said: “It’s an exciting time to be involved in Atrum. Groundhog is arguably the best undeveloped high-grade anthracite asset in the world. There has been a little publicised collapse in the global supply of high-grade anthracite, forcing steel-makers to use more metallurgical coal and, in turn, putting pressure on the market. This favourable market dynamic for high grade anthracite is likely to stay for a considerable period of time making the development of Groundhog an outstanding opportunity.”
Mr Burton (and associated parties) hold 5,000,000 shares in Atrum. In addition, the Company has agreed to seek shareholder approval for the issue to Mr Burton of 3,000,000 options to subscribe for shares in the Company exercisable at 70 cents each within four years of the date of issue. These options will be conditional upon Mr Burton remaining a director of the Company for at least 12 months.
About Atrum Coal Limited
Atrum Coal Limited (ASX:ATU) is a metallurgical coal developer. The Company flagship asset is the 100%-owned Elan Hard Coking Coal Project in southern Alberta, Canada. Elan hosts large-scale, shallow, thick, hard coking coal (HCC) deposits with a current JORC Resource Estimate of 298 Mt (70 Mt Indicated and 228 Mt Inferred). Comprehensive quality testing of Elan South coal on samples from the 2018 exploration program, combined with review of substantial historical testwork data for the broader Elan Project, has confirmed Tier 1 HCC quality.
The initial focus for development is the Elan South area, which is located approximately 13 km from an existing rail line with significant excess capacity, providing direct rail access to export terminals in Vancouver and Prince Rupert. Elan South shares its southern boundary with Riversdale Resources Grassy Mountain Project, which is in the final permitting stage for a 4.5 Mtpa open-cut HCC operation. Around 30km to the west, Teck Resources operates five mines (the Elk Valley complex) producing approximately 25 Mtpa of premium HCC for the seaborne market.
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