This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
VANCOUVER, British Columbia, April 13, 2014 (GLOBE NEWSWIRE) --
Coalspur Mines Limited ("Coalspur" or "Company") (ASX:CPL) (TSX:CPT) announces that its preferred supplier of engineering, procurement and construction ("EPC") services has been changed to Sedgman Limited ("Sedgman") (ASX:SDM).
In June 2013 Coalspur announced that Taggart Global (later re-named Forge Group North America, "Forge") had been selected as the Company's preferred EPC contractor for the Vista project ("Vista"). Forge has been a very strong partner for Coalspur over the past nine months. However, following the placing of Forge's parent company into administration and, more recently, liquidation, Coalspur completed a detailed process of assessing alternative EPC providers and the Board of Coalspur approved the transition to Sedgman, effective immediately.
Sedgman participated in Coalspur's 2013 competitive front-end engineering and design ("FEED") process for Vista and is ideally positioned to step into the role of lead EPC contractor. Sedgman will commence transition work immediately, led by its Vancouver-based team.
Sedgman's selection as the EPC contractor for Vista is predicated, among other things, on its world class abilities, willingness to stand by Vista's announced capital budget and development schedule, and agreement on key commercial terms. A detailed EPC contract for Vista is anticipated to be finalized in line with Vista's overall development timeline.
"I would like to thank the employees at Forge for their professionalism, exceptional effort and engagement during the past nine months" said Gill Winckler, Coalspur President and CEO. "However, today's decision has been made to provide certainty for Coalspur. We have the utmost confidence in Sedgman; their team is well known to us and they are clearly a world class provider of coal processing and mine infrastructure."
Coalspur is a coal development company with approximately 55,000 hectares of coal leases located within the Hinton region of Alberta, Canada. Coalspur's flagship project is Vista, which covers approximately 10,000 hectares and provides a large scale, surface mineable, thermal coal development. Vista is located adjacent to CN Rail's main line, which is suitable for the transport of coal to deepwater ports on Canada's west coast. Coalspur has secured a port allocation agreement with Ridley Terminals Inc., which is essential to the logistics supply chain necessary to export coal from Vista to the growing demand from the Asia Pacific countries.