CANONSBURG, PA, July 6, 2018 /CNW/ - Corsa Coal Corp. (TSXV:
CSO) ("Corsa" or the "Company") is pleased to announce the
appointment of Matthew Schicke as
its Chief Commercial Officer and the promotion of Fred Cushmore to the role of Vice President,
Head of International Sales, effective July
9, 2018.
Mr. Schicke has over 16 years of experience in the coal
industry, with an established track record of success in building
and managing coal trading groups, coal sales, coal procurement,
risk management and supply chain optimization.
Previously, he was the Head of Americas for the Coal Division at
Noble Americas, Corp., a division of the Hong Kong-based commodities trading group,
Noble Group Ltd. Prior to Noble Group, Ltd, Mr. Schicke
served as the Managing Director, Americas Coal, for Mercuria Energy
Americas, the Switzerland based
commodities trading firm. At both Noble Group Ltd. and
Mercuria, Mr. Schicke built and developed coal trading platforms
and supply chain solutions, as well as handled coal marketing for
customers in the coal industry. Prior to Mercuria, Mr.
Schicke served as Director, Coal and Environmental Products at
Merrill Lynch Commodities, Inc. and before that worked at DTE
Energy, Inc. and Koch Industries.
Mr. Cushmore has been with the Company since October 2016 and, prior to the promotion, has
served as Vice President of Metallurgical Exports for Corsa's
Northern Appalachia Division. In that capacity, Mr. Cushmore
has developed Corsa's Sales & Trading platform, and in so doing
has developed new international customers as well as new domestic
purchased coal supply sources. These efforts contributed to a
141% increase in the Company's metallurgical coal sales volumes in
2017 and further expected growth in 2018.
George Dethlefsen, Corsa's Chief
Executive Officer commented, "We are thrilled to bring Matt onto
the team and provide Fred with a well-deserved promotion.
These moves are investments in Corsa's Sales & Trading
platform, which has been a strong driver of profitability as we
leverage our infrastructure, logistics capabilities and customer
and supplier relationships. The Company's Sales & Trading
team expects to continue to aggressively pursue growth
opportunities and Matt, Fred, Steve
Meehan and Mike Reiter will
be key parts of implementing that plan."
Information about Corsa
Corsa is a coal mining company focused on the production and
sales of metallurgical coal, an essential ingredient in the
production of steel. Our core business is producing and selling
premium quality metallurgical coal to domestic and international
steel producers in the Atlantic and Pacific basin markets.
Qualified Person
All scientific and technical information contained in this news
release has been reviewed and approved by Peter V. Merritts, Professional Engineer and the
Company's President - NAPP Division,
who is a qualified person within the meaning of National Instrument
43-101 - Standards of Disclosure for Mineral Projects.
Forward-Looking Statements
Certain information set forth in this press release contains
"forward-looking statements" and "forward-looking information"
(collectively, "forward-looking statements") under applicable
securities laws. Except for statements of historical fact, certain
information contained herein relating to the growth of coal sales
volumes, constitutes forward-looking statements which include
management's assessment of future plans and operations and are
based on current internal expectations, estimates, projections,
assumptions and beliefs, which may prove to be incorrect. Some of
the forward-looking statements may be identified by words such as
"estimates", "expects" "anticipates", "believes", "projects",
"plans", "capacity", "hope", "forecast", "anticipate", "could" and
similar expressions. These statements are not guarantees of future
performance and undue reliance should not be placed on them. Such
forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause Corsa's actual performance
and financial results in future periods to differ materially from
any projections of future performance or results expressed or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to: risks that the
actual production or sales will be less than projected production
or sales; risks that the prices for coal sales will be less than
projected; liabilities inherent in coal mine development and
production; geological, mining and processing technical problems;
inability to obtain required mine licenses, mine permits and
regulatory approvals or renewals required in connection with the
mining and processing of coal; risks that Corsa's preparation
plants will not operate at production capacity during the relevant
period, unexpected changes in coal quality and specification;
variations in the coal mine or preparation plant recovery rates;
dependence on third party coal transportation systems; competition
for, among other things, capital, acquisitions of reserves,
undeveloped lands and skilled personnel; incorrect assessments of
the value of acquisitions; changes in commodity prices and exchange
rates; changes in the regulations in respect to the use, mining and
processing of coal; changes in regulations on refuse disposal; the
effects of competition and pricing pressures in the coal market;
the oversupply of, or lack of demand for, coal; inability of
management to secure coal sales or third party purchase contracts;
currency and interest rate fluctuations; various events which could
disrupt operations and/or the transportation of coal products,
including labor stoppages and severe weather conditions; the demand
for and availability of rail, port and other transportation
services; the ability to purchase third party coal for processing
and delivery under purchase agreements; and management's ability to
anticipate and manage the foregoing factors and risks. The
forward-looking statements contained in this press release are
based on certain assumptions regarding, among other things, coal
sales being consistent with expectations; future prices for coal;
future currency and exchange rates; Corsa's ability to generate
sufficient cash flow from operations and access capital markets to
meet its future obligations; the regulatory framework representing
royalties, taxes and environmental matters in the countries in
which Corsa conducts business; coal production levels; Corsa's
ability to retain qualified staff and equipment in a cost-efficient
manner to meet its demand; and Corsa being able to execute its
program of operational improvement and initiatives. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. The reader is
cautioned not to place undue reliance on forward-looking
statements. Corsa does not undertake to update any of the
forward-looking statements contained in this press release unless
required by law. The statements as to Corsa's capacity to produce
coal are no assurance that it will achieve these levels of
production or that it will be able to achieve these sales
levels.
The TSX Venture Exchange has in no way passed on the
merits of this news release. Neither the TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
SOURCE Corsa Coal Corp.
