Beacon Redevelopment Industrial Corporation Completes Purchase and Development Agreements of its Coal Mining Rights and Receives Valuation Estimatesadmin
Beacon Redevelopment Industrial Corporation announced that it’s wholly owned subsidiary Beacon Energy Corporation has finalized and completed the purchase of 100% of the coal rights for two parcels of land totaling 1020 acres in Westmoreland County, Pennsylvania. The coal forms part of the Upper and Thick Freeport Coal Seams in Western Pennsylvania.
Beacon Energy Corporation will contract with a qualified mining company that will utilize modern equipment and technologies, thus allowing Beacon Energy to secure the maximum amount of coal output using longwall methods of extraction. Beacon’s consultants estimate that these rights will provide the company access up to 2.5 million tons of coal production during the extraction period.
“This is another source of capital for our company, but the process will be lengthy and ultimately provide steady and significant revenues over a five year period,” said Beacon’s President, Adam Marek. “Pennsylvania coal has been sold at a rate of $40 to $150 per ton over the past year, The Company’s objective at this point is to achieve annual revenues in the area of $.0037 per share to $.005 after mining.”
President Marek added that, “We’re currently in negotiations for several additional coal properties in Western Pennsylvania including Westmoreland, Washington, and Fayette counties. Primarily, we’re interested in the rights that can be obtained at prices below market value such as those held by estates, bankrupt companies, struggling companies, or those which have been foreclosed on, and any other properties.”