TurkPower Corporation, an American junior mining company holding interests in coal fields in Russia and iron ore mines in Turkey, has announced the launch of two new subsidiaries in the BVI, named Sibcoal Mining Corporation (SMC) and Sibcoal Commodities Trading Corporation (SCT).
SMC will hold the company’s mining licenses in Russia’s Novosibirsk Region, where mining operations are to be commenced in the second quarter of 2012. The second British Virgin Islands company, SCT, is the commodities trading division of TurkPower Corporation, and will have offices in Russia, Spain, Switzerland and the British Virgin Islands.
TurkeyPower Corporation expects to sell and ship its inventory of coking coal worth in excess of $20 million through its subsidiary SCT in the first quarter of 2012. Also, a substantial long-term coal off-take agreement is scheduled to take place in the first quarter of 2012.