New Colombia Resources, Inc. (OTC: NEWC) announced plans to build a $350 million railroad in partnership with the Agencia Nacional de Infraestructura of Colombia to facilitate in exporting their coal.
As quoted in the press release:
The Company is in talks with consultants to develop a pre-feasibility study to submit to the ANI. Once the pre-feasibility study is approved by the ANI, New Colombia Resources and its partners will own the project and commence the feasibility study. Once the feasibility study is approved, the consortium will be granted a 30 year railroad concession.
New Colombia’s President , John Campo, said:
Central Colombia has some of the highest quality coal reserves in the world, our job is to not only get it out of the ground, but move it to the export terminals. One of the biggest problems coal companies face in Colombia is getting coal to the ports, producers in the region are trucking coal to the ports at a profit. We have identified several large multi-national companies that are exploring in our area that would benefit from this railroad.