TurkPower Establishes Mining and Trading Subsidiaries in the British Virgin Islands
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TurkPower has established two subsidiaries in the British Virgin Islands by the names of Sibcoal Mining Corporation (SMC) and Sibcoal Commodities Trading Corporation (SCT).
SMC will be holding the company’s mining licenses for the Zavyalov Square of the Toguchino Coal Field located in the Toguchino District of Novosibirsk Region, Russia. The Zavyalov Square decrees over 100M tonnes of forecasted extractable quantity of high-grade hard coking coal, which is fit for processing into metallurgical coking coal. The company expects mining operations to commence in Q2 of 2012.
SCT is the company’s commodities trading arm and will have offices in Russia, Spain, Switzerland and the British Virgin Islands. The company expects to sell and ship its inventory of coking coal worth in excess of $20M through its subsidiary SCT in Q1 of 2012, and to be able to announce a substantial long-term coal off-take agreement in Q1 2012.
“This is an important step for the company, for it allows us to initiate the process of transferring the mining licenses for the Zavyalov Square into SMC, as well as negotiate off-take agreements and commence commodities trading activities in SCT,” said TurkPower Chairman Ryan E. Hart.
About Zavyalov Square
The Zavyalov Square of the Toguchino Coal Field is located in the Toguchino District of Novosibirsk Region, Russia. Zavyalov decrees over 100M tonnes of forecasted extractable quantity of high-grade hard coking coal. Coal at Zavyalov is typically humic with relative low moisture (max 6 percent), volatile matters (avg. 20 percent) and GCV of 7990 - 8680 Kcal/kg. The grades of coal are fit for processing into metallurgical coking coal, which is in perpetual short supply and which trades at a high premium to “regular” coal.
About TurkPower
TurkPower is an American junior mining company in the process of acquiring 100 percent ownership of the Zavyalov Square of the Toguchino Coal Field, a privately owned coal field in Russia. TurkPower also owns a minority interest in an operational iron ore mine in Turkey. TurkPower is currently in the process of evaluating its options and defining its strategy regarding its asset in Turkey, and intends to inform its investors in the near future.
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