Coalspur Mines Limited has reached a definitive agreement with Canadian National (CN) for the transportation of thermal coal from its Vista Coal Project to Ridley Terminals Inc., as well as final agreement with CN regarding the construction of the railway line to serve the mine.
The rail line construction agreement will govern the construction of a 6.5-kilometer (four-mile) long line providing CN access to Coalspur's loading site. The rail line will enable Coalspur to load the entire train in one continuous load. Subject to regulatory approval, construction activity is expected to begin in Q3 2013 and be completed in early 2015. CN will ensure the rail line meets its design and construction specifications.
"We are very pleased to have finalized these contracts with CN," said Gill Winckler, Coalspur president and CEO. "The agreements provide further clarity and stability over our operating costs in the initial years of mining at Vista. Rail and port logistics costs account for approximately 50 percent of Coalspur's Freight on Board cash costs, which are now under contracted rates.
The definitive rail transportation agreement with CN is for a seven-year period, effective from Jan. 1, 2013 and extending through to Dec. 31, 2019. CN will supply the equipment to carry Coalspur's coal to tidewater. The agreement includes transportation of up to 12 million tons per annum of coal and defined rates with agreed escalation and fuel surcharge calculations.
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