The Colombia-based company said Thursday that the name change and trading symbol amendment had been completed. It will now trade on the OTCQB under NEWC.

“Since we are now in a position to reach production as soon as possible, I felt a name change was necessary,” president John Campo said.

“Colombia is an emerging country with many available resources that we have the ability to acquire. Being from Colombia gives us certain advantages.

“These next few weeks should be very exciting for our growing company and its shareholders," he said.

The newly named group said earlier this month that it had teamed with an investment banker to raise capital for bringing the planned La Tabaquera mine into production, though no terms had been disclosed.

As NCR awaits the approval of a mining permit over the next several weeks, following the submissions of a works program with Colombia’s National Mining Agency, officials are working towards the next goal of filing an environmental management plan within the next few weeks.

New Colombia Resources’ 100%-owned La Tabaquera mine has an estimated 15 to 17 million tonnes of reserves, about 70% metallurgical and 30% thermal.

Once the necessary financing is obtained, the company plans to have three revenue producing business units in Colombia: coal mining, coking oven facilities, docks, river, and rail transportation to export terminals in Colombia.

Just days ago, the company confirmed it had inked a deal to acquire central Colombian coal explorer Compania Minera San Jose.

Financial details of the definitive agreement with seller Erasmo Almanza were not disclosed.

VSUS is taking over San Jose Mining, as it has referred to the entity, as an operating subsidiary for its coal operations in the South American country.