TIG Plans Refurbishment of Beringovsky Port (Russia)

Tigers Realm Coal (TIG) has completed acquisition of the Beringovsky Port and Coal Terminal located 35km to the north east of the Amaam North deposit and the proposed Project F mine.

The port is presently fully operational and under the terms of the sales agreement, the port will continue to ship up to 70,000 tonnes of coal annually for the nearby Nagornaya mine and volumes of general cargo. The Beringovsky Port has historically handled over 700,000 tonnes of coal per year from the Nagornaya mine and the port will be progressively refurbished and expanded over time to at least 1Mtpa capacity.

TIG views this acquisition as a critical milestone in the development of Project F. TIG’s Chief Executive Officer, Mr Craig Parry said: “We are very pleased with the acquisition of Beringovsky Port at a very competitive price. We now own and control a port that, once refurbished, will have the ability to commence shipping Project F coking coal and has the optionality for expansion to at least 1Mtpa.”

“The acquisition lays the foundation of the infrastructure component of the Amaam projects, which includes the development of the larger, deep water Arinay port to the south of Beringovsky, 25km from the planned large tonnage Amaam coking coal mine. The sale of the port to TIG by the Government of Chukotka demonstrates the ongoing strong support for our projects,” added Mr Craig.

During 2015 and 2016 TIG intends to undertake a general refurbishment of the port, which will include the purchase of new barges, construction of stockpile yards, and some small scale channel dredging.

[mappress]

Press Release, June 16, 2014