Attila Resources Limited
Attila Resources Limited
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Australian-based Attila aims to raise $A1.7M through a 1-for-1 entitlement offer at 2cps to meet its 70% JV obligations while it continues to seek a buyer or funding option for the Kodiak coking coal project in Alabama, USA. It's also planning an $0.2M offer to external investors.
Attila's planned $US55.3M sale of the project to local Magni Resources remains stalled, with Magni confirming it won't satisfy - or waive - the conditions that are blocking the deal.
Australian explorer Attila has suspended work on the DFS for its Kodiak coking coal project while it awaits confirmation that US-based buyer Magni Resources completes its search for funding to conclude their $US55.3M transaction.
After posting a $4.2M post-tax loss for the 6 months to Dec 2014 (H1 FY15), out from a $2.9M loss a year earlier, Attila says any spending on the DFS now won’t be reflected in the sale price, so it’s decided to preserve the cash for its own future use.
Attila re-entered the Coke No 1 coal mine at its 70%-owned Kodiak project in the USA after gaining Mining Safety and Health Administration approval.
Bulk sampling at the mine will support plant design, coal analysis and marketing exercises for the definitive feasibility study by engineers Sedgman and Norwest Corporation.
Attila Resources reaches a milestone in its road to becoming a mid-tier US coal miner with re-entry to the Coke No 1 mine in Alabama.
Attila Resources has lined up funding to decision-to-mine stage at its 70%-owned Kodiak coking coal project in Alabama, USA after raising $A7M in an overbid placement of 11.7M shares at $0.60.
Australian-based Attila’s bankable feasibility study is due in the March 2014 quarter, after August’s prefeasibility demonstrated its potential to deliver hard coking coal at all-in cash costs in the bottom 10% of international metallurgical coal producers.
Attila Resources’ Kodiak coking coal project in Alabama, USA, supports low costs and fast payback, a pre-feasibility study indicates.
The Kodiak PFS confirmed the feasibility of re-commissioning the Coke No.1 Mine at the Gurnee Property, utilising the existing infrastructure and logistics pathway.
Production at Kodiak is expected to be 2Mtpa, with up-front funding of $US52.1M and comprehensive cash costs of $90/t free on board for the life of the mine.
Attila Resources is moving towards a bankable feasibility study at its Gurnee coal property Alabama, US, following a resource upgrade expected in the coming month.
Following a drill program, Attila has sufficient data to upgrade resources from inferred to measured and indicated categories.
In addition, the company is set to undertake a scoping study and has begun dewatering at the Coke No 1 mine.
Coal explorer Attila Resources is expanding its holdings in the Cahaba Coal Basin in Alabama, USA with formal documentation of an option for 70% owned Kodiak Mining to lease underground mining rights to four coal seams.
The Australian-based company says the new Seymour Property lease is 3.5km south of Kodiak’s existing Gurnee Property, where it has infrastructure and an 81Mt inferred JORC compliant resource.
The two properties, both leased from RGGS Land & Minerals, will be collectively managed as the Kodiak Hard Coking coal project.
Attila Resources has implemented a board restructure to prepare for its transition from exploration to near-term producer at its Kodiak coking coal project in the US, appointing two new executive directors with extensive marketing and corporate experience.
Max Brunsdon and Evan Cranston replace former non-executive chairman Grant Mooney and non-executive director Zlad Sas, who stepped down from the board.
Australian explorer Attila Resources has delivered a maiden JORC resource of 81Mt of premium hard coking coal at its 70%-owned Kodiak project in Shelby County, Alabama USA.
The company had set itself an exploration target of 80-100Mt after taking an option to acquire its 70% interest in Kodiak Mining Company LLC 3 months ago, and says the calculation by Stagg Resource Consultants underpins the potential for a long-life operation.