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Atrum Coal - Rapidly building scale

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Atrum Coal (ATU) released an updated resource for its 100% owned Elan South coking coal project in Alberta, Canada with a 170% increase to 97Mt. Elan South abuts Riversdale Resources’ 195Mt Grassy Mountain (unlisted) to the south. Grassy Mountain has attained A$99m cumulative investments from Hancock Prospecting for a 19.99% equity stake equating to ~A$500m on a 100% basis. Teck Resources has five mines to the west of Elan with a ~25Mtpa production profile. This region is an established source of high quality seaborn hard coking coal. Initial quality testing of Elan South shows low ash, sulphur and phosphorous with volatile matter, swell and coal ranking properties suitable for the hard coking coal market. We introduce a SPEC BUY recommendation.
 
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