The company said late last week that the complex in Guaduas, which has close to 17 million metric tonnes of coal reserves – at a split of 70% metallurgical and 30% thermal – has been appraised at a gross value of $US70 million in situ.

The neighboring La Herradura property, which it said it would acquire earlier this month, holds an estimated 70 to 100Mt of coal reserves.

That transaction is expected to close in the near future, officials said.

In order to obtain the complex’s mining permit, the producer outlined an environmental management plan to bring La Tabaquera online, including the necessary financing.

“The company has been approached with several funding options and will choose the most beneficial for all shareholders,” it said.

The mine’s environmental impact assessment, which Incoplan started last year, is ongoing.

About three months of studies have been completed in the six-month process, and VSUS has paid $88,000 for the work to date with $141,000 due upon financing.

In conjunction with the EIA, a work program must be completed, a process that takes about 45 days. A subsurface drilling program and National Instrument 43-101 technical study will then begin under Incoplan’s direction.

The core samples from drilling will then be analyzed and certified so that SGS, which has been retained by VSUS, can complete the NI 43-101.

Upon the environmental management plan and work program’s submittal, a permit will then be issued within about one to three months. At that time, mine build out will begin, including worker housing and roadwork, and the company will purchase the needed mining equipment or link with a contract miner.

While VSUS did not indicate any timeline for production, personnel will begin production at the rate of about 30,000t per month. It said earlier this year that it expected to ramp up to more than 100,000t monthly.

"We have all the necessary relationships in Colombia with Incoplan, SGS, and [feasibility study manager] Deloitte to complete all of these steps in the most time and cost efficient manner possible," president John Campo said.

VSUS, with the proper financing, intends to build or acquire a wholly-owned river loading facility near the complex on the Magdalena River and will truck coal to the port where it will be transported by barge to terminals in Barranquilla, Santa Marta, or Cartagena for export.