Whitewater Mining Corporation Signs Letter of Intent for Coal Mining Concession in Colombia
Whitewater Mining Corporation, a junior exploration company who is acquiring and developing mining concessions in Latin America, has just signed a Letter of Intent for a 10,000 hectare thermic coal mining concession in Valledupar, Cesar in Colombia. The concession in an area with large bituminous coal reserves of excellent quality. Its preliminary evaluation has also shown mining potential in gold, copper, baritine, and ornamental rocks.
Whitewater believes that a focus on coal is a strong strategic move for the company. Coal reserves are expected to last for another 200 plus years at the present rate of consumption and recent developments in clean coal technology makes it an attractive long term source of energy. Colombia is by far the leading producer of coal in Latin America with 71% of production and is an ideal target for Whitewater as they have strong political and local connections in the country.
Whitewater is also negotiating and evaluating an additional three operating coal concessions in Santender, Colombia. The concessions have 14,000 hectares, are operated by Sismo Ingenieria Ltda, and are in close proximity to the operating and exploration mines of Rio Tinto Mining, Coal Corp, Rio Doce, Glencore, and Drummond.
