A Colombian company focused on the acquisition and development of high-quality metallurgical coal properties New Colombia Resources is planning to build a thermal coal power plant in Guaduas, Colombia.

Earlier this year, a subsidiary of New Colombia Resources Compañía Minera San Jose initiated negotiations with a foreign entity for constructing a 300MW thermal coal power plant near its estimated vast coal reserves.

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"The company's coal reserves are estimated to be 70% metallurgical and 30% thermal."

The foreign entity has secured a letter of intent (LOI) for $200m from a Chinese construction company to join a consortium and finance the development of coal operations to feed this new plant and construct the power plant.

New Colombia Resources' director Erasmo Almanza received a report from the consortium partner on the status of negotiations of the installation of the thermal coal power plant in Guaduas.

Guaduas is located 110km northeast of the capital of Bogota with an estimated 10 million people. Colombia's energy generation sector is dominated by hydro-electric which causes concerns during scanty rainfall and other weather conditions.

In addition, the company's coal reserves are estimated to be 70% metallurgical and 30% thermal.

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The concession contract to be developed by the consortium is in close proximity to concession contract ILE-09551 and expected to have a similar 70/30 ratio of coking coal to thermal coal.