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Pacific Coal plans to restart Jam coke mine in Colombia

Keywords: Tags  Pacific Coal, Hernan Martinez, metallurgical coal, coke, pig iron, Cerro Largo, Jam, Steel First Stacy Irish

NEW YORK — Pacific Coal Resources Ltd. plans to restart metallurgical coal production at its Jam coke asset in May or June of this year, executive chairman Hernan Martinez has told AMM sister publication Steel First.

The mine, which has the capacity to produce 100,000 tonnes of metallurgical coal and 60,000 tonnes of coke, has been closed for 10 months due to a dispute with contractors, Martinez said.

"We’re negotiating with a Colombian pig iron producer ... to buy our coke production when we restart production," Martinez added. "The company is a new, privately owned pig iron mill that has the capacity to produce 180,000 tonnes of pig iron."

Toronto-based Pacific Coal reported a net loss of $49.9 million in the fourth quarter of 2012 due largely to non-cash impairment write-downs on its Cerro Largo and Jam assets in Colombia. This compares with a $7.2-million net loss for the corresponding period of 2011.

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