- Morien Resources Corp. (MOX) has provided an update on the Donkin Coal Mine in Cape Breton, Nova Scotia
- The mine is owned and operated by Kameron Collieries which Morien has a royalty interest
- The company owns a gross production royalty for the mine of 2 per cent on the revenue from the first 500,000 tons of coal sales per calendar quarter
- Kameron is gearing up to resume operations at the mine, but has not yet received approval from the province of Nova Scotia
- To restart production, certain regulatory approvals are needed from the provincial government
- Shares of Morien Resources are up 17.78 per cent to C$0.58 as of 2:16 p.m EDT on Tuesday
Morien Resources Corp. (MOX) has provided an update on the Donkin Coal Mine in Cape Breton, Nova Scotia.
The mine is owned and operated by Kameron Collieries and Morien has a royalty interest.
Kameron is in the process of resuming operations at the mine, but has not received approval from the province of Nova Scotia.
Morien owns a gross production royalty for the mine of 2 per cent on the revenue from the first 500,000 tons of coal sales per calendar quarter, net of specific coal handling and transportation costs and 4 per cent on the revenue from any coal sales from quarterly tonnage above 500,000 tons net of specific coal handling and transportation costs.
Morien is a Canadian-based mining development company that holds royalty interests in two tidewater accessed projects.
The Donkin Coal Mine began production in 2017, and the Black Point Aggregate Project, which was permitted in 2016, is awaiting a development decision and is paying advanced minimum royalties to Morien.
Shares of Morien Resources are up 17.78 per cent to C$0.58 as of 2:16 p.m EDT on Tuesday.