July 6, 2018 - Canonsburg, Pennsylvania - 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.
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.
For further information please contact:
Kevin M. Harrigan, Chief Financial Officer and Corporate Secretary
Corsa Coal Corp.
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.
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