The company said the reserves at the property in Guaduas have been estimated at nearly 17 million metric tonnes with a gross appraised value for in situ coal of $US70 million, assuming 70% recovery.

Net valuation for the reserves exceeds $49 million.

The La Tabaquera property was measured at 238 meters in width by 2150m in length, with 20 layers possessing variable widths between 20 centimeters to 7m.

“VSUS plans to build or acquire wholly owned river loading facilities on the Magdalena River close to our mines,” the company said of its outlook for La Tabaquera.

Coal from the complex will be trucked to the river ports, then barged via the Magdalena River to the Ports of Barranquilla, Santa Marta or Cartagena for export.

The erection or acquisition of a river barge transportation company and export coal terminal in Barranquilla, Colombia, is also part of the company’s plans.

“Initially we will use existing facilities while our transportation projects are being developed,” officials said.

“The Colombian and Chinese governments are jointly improving railroads that will facilitate local coal producers' ability to export. After the rail projects and the ‘Road to the Sun’ project are completed, VSUS Technologies will have one of the only coal mines in the world with river, rail, and road access to coal export terminals on both the Atlantic and Pacific oceans.”