Canada-focused coal development company, Atrum Coal, will hold an extraordinary general meeting (EGM) on 1 April to consider resolutions from company co-founder and third largest shareholder, Gino D’Anno, to dismiss two company board members: Cameron Varias and Steven Boulton.
Boardroom ructions at the coal company
The EGM is the latest stage in the boardroom ructions at the company that saw D’Anno and co-founder, Russall Moran, forced out last year after a dispute centered on loans taken out against the pairs stakes in the company. D’Anno and Russel still own about a quarter of Atrum between them.
Vorias and Boulton now have the chance to put their case through written statements to be circulated to shareholders before the EGM and at the EGM itself.
“Cameron Vorias and Steven Boulton both provide Atrum with significant and positive contributions to Board oversight,” said Atrum’s Executive Chairman, Robert Bell, in the Notice of Extraordinary General Meeting send to shareholders.
“The Company’s management team regularly benefits from their insights and advice. I am highly supportive of their continued membership on our board of directors.”
Positive yield results at Groundhog project
Atrum Coal is currently developing the Groundhog anthracite project in British Columbia, Canada. At the end of February, it announced encouraging anthracite quality results from the Duke E seam, one of the primary target seams for underground mining in the Groundhog northern mining complex.
The results took average yields of premium 10% ash ultra-high-grade anthracite to from 60% to above 80%, which would reduce total cost of production significantly as less ROM coal production is required to produce the same amount of premium product.
"As we gain a greater understanding of the Groundhog resource base, we increase the likelihood of designing mines with both reduced operating and capital costs,” said Bell at the time of the announcement. "Moving the yield from 60% to 80% has potential to reduce the ex-mine cost by 20% – 25%, and the FOB cash cost by 10% – 15% for our primary export product, a low-ash, ultra-high grade anthracite, which is in short supply on global markets."
Edited by Jonathan Rowland.
Read the article online at: https://www.globalminingreview.com/finance-business/11032016/atrum-coal-schedules-egm-2016-380/