TORONTO, Nov. 24 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the "Company") (TSX-CCJ) announced today that Coalcorp and its indirect wholly owned subsidiary Compania Carbones del Cesar ("Cesar") have entered into a Deed of Settlement and Release with Glencore International A.G. ("Glencore") in connection with the current arbitrations in respect of the sale and purchase of coal agreements known as Contract 7927 and Contract 15109. Coalcorp, Cesar and Glencore have agreed, to a full and final settlement of any and all claims and counterclaims in the arbitrations with respect to these two coal Contracts, without any admission of liability, on the terms set out in the Deed of Settlement of Release.
Coalcorp and Prodeco have also resolved the disputes in connection with the Prodeco IV Contract that were previously press released by Coalcorp on October 27, 2009 and October 28, 2009. Coalcorp and Prodeco have entered into a settlement agreement which provides that all differences existing amongst the parties in connection with the Prodeco IV Contract as of the date hereof are fully settled without admissions of liability and that performance of the Prodeco IV contract shall continue on a FOT basis.
Coalcorp is a coal mining, exploration and development company with interests in the La Francia coal mine and related infrastructure projects and a number of coal exploration properties, all located in Colombia. Coalcorp also holds a 60% equity interest in CCC which owns the La Caypa coal mine in Colombia. Further information can be obtained by visiting our website at www.coalcorp.ca or under the Company's profile at www.sedar.com.
Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Coalcorp does not undertake to update any forward-looking statements; such statements speak only as of the date made.
SOURCE Coalcorp Mining Inc.
For further information: For further information: Joseph Belan, Interim Chief Executive Officer, +57-1-658-5050 Ext: 9990