In a news release today, Compliance Energy Corporation has announced that Itochu Corporation of Japan has completed its withdrawal from the Comox Joint Venture as of June 12, and LG International Corporation of Korea (“LGi”) have also informed the Company of their planned withdrawal from the project, proposed for the Buckley Bay area.
The Company purchased the Vancouver Islands coal rights in 2005 and established a joint venture with Itochu and LGi.
The economic feasibility study was completed in 2009 for the development of a modest underground
coal project projected to be in operation within three years. The news release states the Environmental Assessment process was entered into in 2009 and after six years and an excess of $20 million expenditures, the Company’s efforts have been thwarted.
Compliance Energy Corporation is evaluating its’ options of how to proceed with its’ freehold coal rights.
Goat News spoke with company officials who declined to go on tape for a broadcast interview, however President Steve Ellis says the proposal is not dead, and new partners are being sought to move forward with the project.