Birch Mountain Resources values mineral site in oilsands at $1.66 billionadmin
Birch Mountain Resources Ltd. (TSXV:BMD) says an independent report has put a value of $1.66 billion on its Hammerstone mineral project in the Alberta oilsands.
The valuation was done by AMEC Americas Ltd. for the project in the Athabasca region, Calgary-based Birch Mountain said Monday.
After a trading halt on the Toronto stock market Birch Mountain shares were down 22 cents, or 3.6 per cent,. at $5.90 around midday Monday.
The firm said the valuation was carried out at the same times as a pre-feasibility study. Future opportunities identified but not included in the valuation include cement production, spent lime “recalcining” and reclamation of gypsum and spent lime.
Since 2002, Birch Mountain has worked to commercialize the industrial mineral potential of the limestone on its mineral holdings in the region. Two main products have been identified: limestone aggregates used in construction, and limestone-based materials such as quicklime.