News blog
Pan Pacific Aggregates
- BY: Andrew Hore |
- POSTED: 07/07/2008 |
Pan Pacific Aggregates has added to its interests in the Sechelt Peninsula in British Columbia, Canada.
The deal was well received and the shares jumped 1.625p to 3.625p, although that is still well below the 12 month high of 14.5p. Pan Pacific is valued at £6.76m.
It has agreed initial terms to extract 100m tonnes of minable sand and gravel at Pine Flats in Sechelt. It will have a long-term mining lease from CNI Group. This includes a mining permit over 50 acres of the 2,250 acre site. Extraction should start during the summer. Pan Pacific will pay a royalty of $1.50 per tonne to CNI.
There are still some elements of the agreement that haven’t been finalised. These include the level of cash deposits and a restoration plan for the site.
The sand will be sold in local markets and in San Francisco. Consolidated Aggregates has a nearby site and it exports to San Francisco via the Trail Bay ship loading facility.
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