The Group retained a royalty on the Groundhog anthracite project located in north-west British Columbia, Canada, following its disposal of the related mining licenses in 2014 to the project’s operator, ASX-listed, Atrum Coal NL (‘Atrum’). The royalty entitles the Group to the higher of 1% of gross revenue on a mine gate basis or US$1.00/t from coal sales derived from Panorama licences.
There was limited progress by Atrum in relation to Groundhog during 2017 as it focused its efforts on acquiring outright the Elan hard coking coal project in Alberta.
Atrum is continuing discussions with potential partners to help advance the project.
Atrum is currently awaiting the results of drilling undertaken on the Panorama North deposits and will announce these results as soon as they are signed off.