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Pacific American Holdings has Crowsnest Coalfield asset Elko in Canada and a hydropower JV

Snapshot

Commercialisation of the flagship Elko Coking Coal Project in British Columbia has been a strategic focus for the holding company.

Pacific American Holdings Ltd -

Quick facts: Pacific American Holdings Ltd

Price: 0.03 AUD

ASX:PAK
Market: ASX
Market Cap: $5.36 m
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  • Pacific American is now known as Pacific American Holdings, reflecting a widening in its focus from coking coal to coal and hydroelectric power. 

  • The company’s flagship Elko Coking Coal Project is on the Crowsnest Coalfield of East Kootenay Coal Basin in British Columbia, Canada. 

  • Pacific American Coal is advancing the project with the recent recruit of a geologist from the coalfield. 

  • Elko features a 303 million tonne JORC resource. 

  • The coal explorer has taken the key asset through to initial design stage and has been assessing its fundraising and investment options. 

The company and its controlled entities … are focused on the production, development and exploration of coking coal assets in North America (while) the consolidated entity’s strategic focus is on the 100%-owned Elko coking coal project in British Columbia, Canada.

Pacific American Holdings’ June 2019 half-year directors’ report

What does Pacific American do?

Pacific American Holdings Ltd (ASX:PAK) (FRA:4MFA), previously Pacific American Coal Ltd, is a junior coking coal and hydroelectric power company listed on the Australian and Frankfurt stock exchanges.

The Australia-based company is focused on the acquisition and development of coking coal assets in North America and the pick-up of new hydropower projects in the Asia-Pacific region.

Pacific American changed its group name from Pacific American Coal to Pacific American Holdings to reflect the widening of its approach.

While hydropower in a joint venture dubbed GP Hydro is a focus for the company, it is still primarily focused on the exploration and development of a flagship coking coal project in the Canadian province of British Columbia.

Who leads Pacific American?

The company is led by managing director Mark Sykes, a mining engineer and minerals economist with more than 22 years’ industry experience.

Sykes has worked in operational and senior corporate investment roles at mining major BHP Group Ltd (ASX:BHP) (LON:BHP) (NYSE:BHP) (NYSE:BBL).

He is joined on the leadership team by Pacific American Coal chief executive officer Matt Wall.

Wall is an experienced mining and metals executive with about three decades’ experience in a variety of mining sectors, including coal and aluminium.

The executive team welcomed a new member in August 2019, in the form of operations vice-president for Canada, geologist Dave Thompson.

Thompson has more than 20 years’ experience in exploration and mining and was chief geologist for North Coal Ltd, also on the Crowsnest Coalfield near Sparwood, British Columbia.

What does Pacific American own?

The key asset is the Elko Coking Coal Project in the Crowsnest Coalfield of East Kootenay Coal Basin in British Columbia, Canada

Elko features high-value, mid‐vol low-ash coking coal in a 303 million tonne JORC resource.

Pacific American Coal has taken the flagship project through to initial design stage and is focused on its commercialisation.

The holding company’s leadership has been assessing its fundraising and investment options for the project with the help of an investment banking arm of B Riley Financial Inc (NASDAQ:RILY), the subsidiary B Riley FBR Inc.

Commercialisation of Elko project was a focus for Pacific American when it recruited new Canada operations VP Dave Thompson from another player on Crowsnest Coalfield in August 2019.

Thompson’s experience lies mostly in metallurgical coal, with his met-coal skill set including exploration, quality analysis and resource definition.

The former chief geologist for North Coal will be responsible for all aspects of Elko project, including exploration, resource definition and the conversion of resources to reserves.

Another asset for the company is the GP Hydro joint venture with the company’s 50:50 partner Global Hydro Energy GmbH.

Global Hydro is an Austrian hydropower turbine manufacturer.

Together the partners hope to focus on micro-hydro and hybrid projects in the Pacific region, in countries such as Australia where Pacific American is listed on the local exchange.

Pacific American is conserving cash in the current environment and expects it will need to undertake a capital raising to fund further exploration beyond any budgeted exploration efforts.

Inflection points

  • Financing and investment milestones for Elko Coking Coal Project commercialisation
  • Exploration successes at Elko project
  • Upgrades to resource estimates for Elko project
  • Conversion of resources to reserves
  • Study funding and commitments
  • Coking coal and coal industry sentiment
  • GP Hydro asset developments and project acquisitions
  • Hydroelectric power developments

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