Overview
Triple 7 currently owns the mineral rights on the Milan Branch. The property is virgin, previously unpermitted and unmined with a tremendous untapped potential. The Company will hire Watts, griffis and Mcouat to conduct exploration and prospecting work on the property under nI 43-101 guidelines.
In addition, the property contains over 6 million board feet of timber which was determined by a timber cruise in 2011 by the previous deed holder, Wellston Coal. The timber cruise is used to determine the current volume of merchantable timber on the property which Triple 7 can sell. Depending on the type of timber, the stumpage price in West Virginia can vary from $4 per ton for hardwood pulpwood to $30 per ton for hardwood saw timber. The stumpage is the price a private firm would pay Triple 7 for the right to harvest the timber.
Project Map
West Virginia Coal
West Virginia is the nations 2nd largest coal producing state with recoverable coal reserves estimated at more than 51 billion tons in 2016
There are over 280 companies and 456 mines producing more than 99 million tons of coal a year
McDowell County was ranked as the 6th largest surface mine producer and 13th largest underground mine producer having produced a combined 2.69 million tons in 2015
It has 84 operating mines and an estimated 1.6 billion of recoverable coal reserves
West Virginia coal is used extensively by domestic utility companies to produce electricity
Electric power utilities are the largest coal consumers in the nation, with 2/3rd of all coal production being used by utilities or smaller industrial installations to generate electricity and steam
The steel industry is the second largest coal user in the U.S.
About 80 million tons of coal are used each year to make coke an essential element in the steel making process
About two thirds of a ton of coal is needed to produce a ton of steel
West Virginia has some of the best metallurgical coal found anywhere in the world and it constitutes about 40% of West Virginia’s annual production