Novadx Moves to Full Commercial Production at Rosa Coal Mine, Alabama
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Novadx Ventures has moved to full commercial production at the Rosa Mine.
Since the commencement of full production in December, the wash plant at the Rosa Mine has produced approximately 13,800 tons of coal, which were sold at an average price of $166 per ton to customers in the coking coal and activated carbon industries. Total coal sales over this period were approximately $2.3 million yielding net revenues for coal sales of approximately $2 million to Novadx after payment relating to the Sandstorm Metals and Energy coal stream agreement.
“We are pleased that the Rosa Mine and wash plant are beginning to operate at our commercial production target of 120,000 tons per year of clean coal. As we expected, our Rosa wash plant is producing a high quality product and we have recently negotiated higher contract prices for our coal in 2012. Accordingly, we anticipate our average selling price moving towards $180 per ton in this calendar quarter. We are continuing to look for ways to improve mine and wash plant efficiencies with the goal of exceeding our targets,” said Novadx CEO Neil MacDonald.
About Novadx
Novadx Ventures is a Vancouver based mining investment company. Through its wholly owned subsidiary, Novadx’s primary focus is to invest its capital to acquire and develop companies with active or near production high quality coal reserves in the US Appalachia coal region. Novadx intends to continue to grow the value of its coal investments through expanding production and reserves amongst its existing investments and by investing in additional acquisitions. Novadx is actively evaluating a number of high quality coal acquisition opportunities.
To stop by Novadx’s website, CLICK HERE
About MCoal
MCoal is a wholly owned subsidiary of Novadx Ventures Corp. which operates the Rosa coal mine in Blount County, Alabama and is developing the Rex No.1 coal mine in Campbell County, Tennessee.
