West Cumbria Mining (WCM) predicts its new underground mine at Whitehaven will generate £302 million in revenue from national and international sales of coking coal.
FINANCES
WCM said that its proposed Woodhead Colliery, described as a 21st century mine, would contribute £16 billion to UK GDP and £300 million in tax over a period of 10 years.
The company expects exports to be £2.6 billion over the same period.
A total of £160 million of private investment will fund the project to produce coking coal for manufacturing steel.
WCM is currently waiting for Cumbria County Council to review updated planning information on Friday 2, October.
LICENCES
The company holds a series of licences which collectively cover approximately 200km2 of brownfield land to the south west of Whitehaven in West Cumbria.
Based on existing data, WCM said that the site held more than 750 million tonnes of coal.
WCM aims to produce between two and three million tonnes of high quality, specialist, hard metallurgical coal per annum.
OPERATIONS
The company said that the mine had an operational lifespan of a minimum 40 years and would extract and process up to 3.1 million tonnes of coal per year on site within a new coal preparation plant.
The coal will be transported via a buried conveyor 2.2km to a train loading area for direct rail transportation to Redcar Bulk Terminal in Teesside on the east coast for distribution.
Up to December 2019, EMR Capital Resources had invested more than £29 million in WCM.
EMR has owned and operated nine mining operations and projects in seven countries globally, across four core commodities.