Montem Resources welcomes Alberta Government coal development policy review

Montem Resources Ltd (ASX:MR1) welcomes the Government of Alberta's appointment of an independent committee to undertake public engagement for a modern coal development policy in the Canadian province. Montem, which has a portfolio of coal projects in Alberta, also welcomes the Government’s commitment to work directly with Indigenous leaders and communities to ensure their perspectives are heard and considered as part of the policy review. The Government’s plans to develop a modern coal policy follow its decision to rescind the 1976 coal policy in June 2020 and reinstate it in February 2021 after public concerns. Following engagement, the committee will provide the Government with a report by November 15 that describes Albertans’ perspectives on coal development and provide recommendations about the province’s development of a modern coal policy. “We support the process” Montem managing director and CEO Peter Doyle said: “We support the process the Government is undertaking to devise an updated coal policy for Alberta and look forward to participating in the consultation process and providing our input on responsible steelmaking coal project development in Alberta. “Montem’s key assets are in Category 4 Land that have always been contemplated for surface mining. “We are seeking to restart operations at the Tent Mountain Mine and to continue exploration at the Chinook Project in the area surrounding the historic Vicary mine. “These are strong assets on previously disturbed lands with the potential for long-life, low cost, hard coking coal production.” Firm financial footing On March 24, the company completed a share purchase plan (SPP) raising A$200,000. The SPP was initiated to build on the momentum from the company’s recently completed A$5.2 million placement to advance its coking coal projects. This SPP and placement provide Montem with a firm financial footing to advance its two hard coking coal (steelmaking coal) projects in western Canada’s Crowsnest Pass region. The company plans to progress the potentially world-class Chinook Project, intending to use the results from detailed coal quality test-work along with new geological information from the 2020 exploration program to update the Chinook Vicary JORC resource estimate, which is expected in quarter two of 2021.