Phoenix Coal Inc said it has received the final permit to start mine development and coal production on its KO property and would lift its force majeure declaration once production ramps-up.
Force majeure is a clause included in contracts that frees both parties from liabilities in case of an unavoidable circumstance beyond the control of the parties.
The company, which received the final permit from the United States Army Corps of Engineers, said it now has all the three permits required to commence operations at the KO property.
The KO mine is expected to contribute over 400,000 saleable tons this year and to reach full production levels by late June, the company said.
SourcE: Reuters
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