Athabasca Minerals Inc. received approval from the Government of Alberta, Canada, to open the Kearl aggregate operation located approximately 60 km east of the Susan Lake aggregate operation near Fort McMurray, Alberta, Canada, in the heart of the oil sands.
This milestone development is key to the corporation`s growth strategy for supplying aggregates to oil sands operations. Construction will begin immediately on an all-weather road linking the aggregate operation to major oil sands operations surrounding the project area.
The Kearl aggregate operation will be fully controlled by Athabasca Minerals, enabling the Corporation to benefit from the full market value on all sales of aggregates, including processing and delivery.
Athabasca Minerals operates the Susan Lake and Poplar Creek aggregate operations which for the last fiscal year supplied 7.25 million tons of aggregates to oil sands companies located in Northern Alberta. The corporation currently receives a per-ton fixed fee for managing Susan Lake and Poplar Creek.