FRIEDENS, Pa., March 3, 2021 /CNW/ - Corsa Coal Corp.
(TSXV: CSO) (OTCQX: CRSXF) ("Corsa" or the "Company"), a premium
quality metallurgical coal producer, today reported financial
results for the three months and full year ended December 31,
2020. Corsa has filed its audited consolidated financial
statements for the years ended December 31, 2020 and 2019,
related management's discussion and analysis and its annual
information form under its profile on www.sedar.com.
Unless otherwise noted, all dollar amounts in this news release
are expressed in United States
dollars and all ton amounts are short tons (2,000 pounds per
ton). Pricing and cost per ton information is expressed on a
free-on-board, or FOB, mine site basis, unless otherwise
noted.
Fourth Quarter and Full Year 2020 Highlights
- Corsa reported net and comprehensive loss of $13.0 million and $63.7
million, or $(0.13) and
$(0.60) per share attributable to
shareholders, for the three months and year ended December 31, 2020, respectively, compared to a
loss of $8.2 million and $0.5 million, or $(0.09) and $(0.03)
per share attributable to shareholders, for the three months and
year ended December 31, 2019,
respectively. The year ended December
31, 2020 includes a non-cash adjustment of $41.7 million related to an asset
impairment.
- Corsa's adjusted EBITDA(1) was a loss of
$1.4 million and income of
$4.4 million for the three months and
year ended December 31, 2020,
respectively, compared to income of $3.5
million and $28.9 million for
the three months and year ended December 31,
2019, respectively. Corsa's EBITDA(1) was a
loss of $9.2 million and $41.8 million (impacted by the previously
mentioned non-cash impairment) for the three months and year ended
December 31, 2020, respectively,
compared to income of $2.5 million
and $29.4 million for the three
months and year ended December 31,
2019, respectively.
- Cash production cost per ton sold(1) was
$77.11 for the three months ended
December 31, 2020, an increase of
$3.24 per ton, or 4%, as compared to
the three months ended December 31,
2019. Cash production cost per ton sold(1) was
$71.24 for the year ended
December 31, 2020, a decrease of
$8.14 per ton, or 10%, as compared to
the year ended December 31,
2019.
- Cash flow (used in) provided by operating activities were
$(0.2) million and $10.7 million for the three months and year ended
December 31, 2020, respectively,
compared to cash flow (used in) provided by operating activities of
$(2.0) million and $14.7 million for the three months and year ended
December 31, 2019, respectively.
- Total revenues were $16.8 million
and $128.5 million for the three
months and year ended December 31,
2020, respectively, compared to $52.6
million and $232.1 million for
the three months and year ended December 31,
2019, respectively.
- Low volatile metallurgical coal sales tons, comprised of
"Company Produced" tons and "Value Added Services" purchased coal
tons, were 190,412 and 3,314, respectively, in the three months
ended December 31, 2020 and 1,199,034
and 35,933, respectively, for the year ended December 31, 2020 compared to 418,794 and 21,292,
respectively, in the three months ended December 31, 2019 and 1,301,244 and 250,638,
respectively, for the year ended December
31, 2019. In the three months and year ended
December 31, 2020, Corsa sold a total
of 360 and 137,023 "Sales and Trading" purchased coal tons,
respectively, which are treated as pass-through from a
profitability perspective, compared to 68,879 and 281,471 tons,
respectively, in the three months and year ended December 31, 2019.
- Corsa's average realized price per ton of metallurgical coal
sold(1) was $82.03 and
$81.77 per short ton for all
metallurgical qualities in the three months and year ended
December 31, 2020, respectively,
compared to $86.70 and $103.76 in the three months and year ended
December 31, 2019,
respectively. This average realized price for the fourth
quarter 2020 is the approximate equivalent of between $112 to $118 per
metric ton on an FOB vessel basis(2).
For the fourth quarter 2020, Corsa's sales mix included 51% of
sales to domestic customers and 49% of sales to international
customers.
- In April 2020, certain
wholly-owned subsidiaries of Corsa, as borrowers, entered into loan
agreements with KeyBank National Association ("KeyBank") for an
aggregate amount of approximately $8.4
million under the Paycheck Protection Program, which amounts
are guaranteed by the U.S. Small Business Administration and at
least $7.2 million is expected to be
forgiven under the terms of the Paycheck Protection
Program.
- In December 2020, certain
wholly-owned subsidiaries of Corsa, as borrowers, entered into a
five-year secured term loan with KeyBank for $25.0 million through the Main Street Lending
Program.
(1)
|
This is a non-GAAP
financial measure. See "Non-GAAP Financial Measures"
below.
|
(2)
|
Similar to most U.S.
metallurgical coal producers, Corsa reports sales and costs per ton
on an FOB mine site basis and denominated in short tons. Many
international metallurgical coal producers report prices and costs
on a delivered-to-the-port basis (or "FOB vessel basis"), thereby
including freight costs between the mine and the port.
Additionally, Corsa reports sales and costs per short ton, which is
approximately 10% lower than a metric ton. For the purposes
of this figure, we have used an illustrative freight rate of
$20-$25 per short ton. Historically, freight rates rise and
fall as market prices rise and fall. As a note, most
published indices for metallurgical coal report prices on a
delivered-to-the-port basis and denominated in metric
tons.
|
Peter Merritts, Chief Executive
Officer of Corsa, commented, "While the unprecedented challenges of
2020 are reflected in our fourth quarter and full year financial
results, the impacts of our employee's talents and dedication are
evident in the Company's ability to overcome these challenges and
to position us for success in the years ahead. Our full year
2020 cash production cost per ton sold improved by 10% from 2019
and our general and administrative expenses were at their lowest
levels. We also secured additional financing in the fourth quarter
that provides the liquidity needed to support our current
operations and our eventual return to full production at our mines.
The cost reduction and operational improvements that we made in
2020 will continue to deliver increased profitability as the
international metallurgical coal market recovers and we increase
our participation in the export market. Our mines, preparation
plants and experienced team are ready to serve our domestic and
international customers as the steel markets improve, economies
recover and profitable opportunities increase."
2020 Full Year Sales Metrics
Corsa's metallurgical coal sales figures are comprised of three
types of sales: (i) selling coal that Corsa produces ("Company
Produced"); (ii) selling coal that Corsa purchases and provides
value added services (storing, washing, blending, loading) to make
the coal saleable ("Valued Added Services"); and (iii) selling coal
that Corsa purchases on a clean or finished basis from suppliers
outside the Northern Appalachia region ("Sales and Trading").
For the year ended December 31, 2020,
Corsa's sales were broken down into the following categories.
Metallurgical Coal
Sales by Category (Tons)
|
|
|
Q1
2020
|
|
Q2
2020
|
|
Q3
2020
|
|
Q4
2020
|
|
YTD
2020
|
Company
Produced
|
|
384,750
|
|
336,928
|
|
286,944
|
|
190,412
|
|
1,199,034
|
Purchased - Value
Added Services
|
|
29,576
|
|
2,426
|
|
617
|
|
3,314
|
|
35,933
|
Purchased - Sales and
Trading
|
|
34,587
|
|
102,076
|
|
-
|
|
360
|
|
137,023
|
Total
|
|
448,913
|
|
441,430
|
|
287,561
|
|
194,086
|
|
1,371,990
|
Financial and Operations Summary
|
For the three
months ended
|
|
For the years
ended
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
Increase
|
|
|
|
|
|
Increase
|
(in
thousands)
|
2020
|
|
2019
|
|
(Decrease)
|
|
2020
|
|
2019
|
|
(Decrease)
|
Revenues
|
$
|
16,835
|
|
$
|
52,641
|
|
$
|
(35,806)
|
|
$
|
128,486
|
|
$
|
232,069
|
|
$
|
(103,583)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
$
|
26,901
|
|
$
|
57,746
|
|
$
|
(30,845)
|
|
$
|
144,402
|
|
$
|
216,748
|
|
$
|
(72,346)
|
Cost of sales - asset
impairment
|
-
|
|
-
|
|
-
|
|
41,684
|
|
-
|
|
41,684
|
Total cost of
sales(2)
|
$
|
26,901
|
|
$
|
57,746
|
|
$
|
(30,845)
|
|
$
|
186,086
|
|
$
|
216,748
|
|
$
|
(30,662)
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense
|
$
|
2,997
|
|
$
|
3,025
|
|
$
|
(28)
|
|
$
|
10,057
|
|
$
|
15,748
|
|
$
|
(5,691)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net and comprehensive
(loss) income for the period
|
$
|
(13,042)
|
|
$
|
(8,151)
|
|
$
|
(4,891)
|
|
$
|
(63,723)
|
|
$
|
(513)
|
|
$
|
(63,210)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by
operating activities
|
$
|
(188)
|
|
$
|
(1,958)
|
|
$
|
1,770
|
|
$
|
10,694
|
|
$
|
14,686
|
|
$
|
(3,992)
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA(1)
|
$
|
(9,249)
|
|
$
|
2,517
|
|
$
|
(11,766)
|
|
$
|
(41,812)
|
|
$
|
29,448
|
|
$
|
(71,260)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
$
|
(1,431)
|
|
$
|
3,528
|
|
$
|
(4,959)
|
|
$
|
4,390
|
|
$
|
28,878
|
|
$
|
(24,488)
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal sold -
tons
|
|
|
|
|
|
|
|
|
|
|
|
NAPP – metallurgical
coal
|
194
|
|
509
|
|
(315)
|
|
1,372
|
|
1,833
|
|
(461)
|
(1) This
is a non-GAAP financial measure. See "Non-GAAP Financial
Measures" below.
|
(2) Cost of sales consists of the
following:
|
|
For the three
months ended
|
|
For the years
ended
|
|
December
31,
|
|
December
31,
|
(in
thousands)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Mining and processing
costs
|
$
|
13,933
|
|
$
|
29,401
|
|
$
|
80,080
|
|
$
|
97,000
|
Purchased coal
costs
|
243
|
|
7,038
|
|
13,856
|
|
47,358
|
Royalty
expense
|
945
|
|
1,790
|
|
6,149
|
|
6,968
|
Amortization
expense
|
3,335
|
|
10,006
|
|
19,825
|
|
25,961
|
Transportation costs
from preparation plant to customer
|
401
|
|
7,597
|
|
13,236
|
|
33,475
|
Idle mine
expense
|
153
|
|
74
|
|
447
|
|
938
|
Tolling
costs
|
119
|
|
290
|
|
912
|
|
2,953
|
Change in estimate of
reclamation and water treatment liability
|
7,513
|
|
1,190
|
|
7,791
|
|
1,190
|
Write-off of advance
royalties and other assets
|
-
|
|
123
|
|
484
|
|
171
|
Other
costs
|
117
|
|
95
|
|
1,165
|
|
36
|
Cost of
sales
|
26,759
|
|
57,604
|
|
143,945
|
|
216,050
|
Cost of sales - asset
impairment
|
-
|
|
-
|
|
41,684
|
|
-
|
Total cost of
sales
|
$
|
26,759
|
|
$
|
57,604
|
|
$
|
185,629
|
|
$
|
216,050
|
|
For the three
months ended
|
|
For the years
ended
|
|
December
31,
|
|
December
31,
|
|
2020
|
|
2019
|
|
Variance
|
|
2020
|
|
2019
|
|
Variance
|
Realized price per
ton sold(1)
|
|
|
|
|
|
|
|
|
|
|
|
NAPP – metallurgical
coal
|
$
|
82.03
|
|
$
|
86.70
|
|
$
|
(4.67)
|
|
$
|
81.77
|
|
$
|
103.76
|
|
$
|
(21.99)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash production cost
per ton sold(1)(2)
|
|
|
|
|
|
|
|
|
|
|
|
NAPP – metallurgical
coal
|
$
|
77.11
|
|
$
|
73.87
|
|
$
|
(3.24)
|
|
$
|
71.24
|
|
$
|
79.38
|
|
$
|
8.14
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash cost per ton
sold(1)(3)
|
|
|
|
|
|
|
|
|
|
|
|
NAPP – metallurgical
coal
|
$
|
76.77
|
|
$
|
74.59
|
|
$
|
(2.18)
|
|
$
|
72.35
|
|
$
|
82.07
|
|
$
|
9.72
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash margin per ton
sold(1)
|
|
|
|
|
|
|
|
|
|
|
|
NAPP – metallurgical
coal
|
$
|
5.26
|
|
$
|
12.11
|
|
$
|
(6.85)
|
|
$
|
9.42
|
|
$
|
21.69
|
|
$
|
(12.27)
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA(1)(000's)
|
|
|
|
|
|
|
|
|
|
|
|
NAPP
|
$
|
(8,116)
|
|
$
|
3,082
|
|
$
|
(11,198)
|
|
$
|
(38,256)
|
|
$
|
36,023
|
|
$
|
(74,279)
|
Corporate
|
(1,133)
|
|
(565)
|
|
(568)
|
|
(3,556)
|
|
(6,575)
|
|
3,019
|
Total
|
$
|
(9,249)
|
|
$
|
2,517
|
|
$
|
(11,766)
|
|
$
|
(41,812)
|
|
$
|
29,448
|
|
$
|
(71,260)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)(000's)
|
|
|
|
|
|
|
|
|
|
|
|
NAPP
|
$
|
(775)
|
|
$
|
4,082
|
|
$
|
(4,857)
|
|
$
|
6,954
|
|
$
|
32,492
|
|
$
|
(25,538)
|
Corporate
|
(656)
|
|
(554)
|
|
(102)
|
|
(2,564)
|
|
(3,614)
|
|
1,050
|
Total
|
$
|
(1,431)
|
|
$
|
3,528
|
|
$
|
(4,959)
|
|
$
|
4,390
|
|
$
|
28,878
|
|
$
|
(24,488)
|
(1) This
is a non-GAAP financial measure. See "Non-GAAP Financial
Measures" below.
|
(2) Cash
production cost per ton sold excludes purchased coal. This is
a non-GAAP financial measure. See "Non-GAAP Financial
Measures" below.
|
(3) Cash
cost per ton sold includes purchased coal. This is a non-GAAP
financial measure. See "Non-GAAP Financial Measures"
below.
|
Coal Pricing Trends and Outlook
Price levels opened the fourth quarter 2020 at $139.00/metric ton ("mt") delivered-to-the-port
("FOBT") for spot deliveries of Australian premium low volatile
metallurgical coal and closed the quarter at $102.50/mt FOBT. The quarterly average price for
the fourth quarter of 2020 was $108.20/mt FOBT for Australian premium low
volatile metallurgical coal, compared to $114.75/mt FOBT in the third quarter of 2020, and
traded in a range from a high of $139.00/mt FOBT to a low of $97.25/mt FOBT. January 2021 spot market
pricing for Australian premium low volatile metallurgical coal
opened at $102.50/mt FOBT, closed the
month at $160.50/mt FOBT and traded
in a range from a high of $160.50/mt
FOBT to a low of $102.00/mt FOBT for
an average price of $124.44/mt
FOBT. February 2021 spot market pricing opened the month at
$160.50/mt FOBT, closed the month at
$125.75/mt FOBT and traded in a range
from a high of $160.50/mt FOBT to a
low of $124.75/mt FOBT for an average
price of $143.70/mt FOBT.
The World Steel Association reported that global crude steel
production decreased by 0.9% in 2020 versus 2019 with China up 5.2%, Turkey up 6.0% and Russia up 2.6%. Significant decreases
were reported for many countries as the COVID-19 pandemic and
related restrictions negatively impacted demand and
production. Notable steel production decreases were reported
for the U.S. (17.2%), Japan
(16.2%), India (10.6%),
Germany (10.0%), South Korea (6.0%) and Brazil (4.9%). Regionally, the
Middle East grew by 2.5%,
Asia, which includes China and India, increased by 1.5%, North America decreased by 15.5%, South America decreased by 8.4% and
Europe decreased by 5.3%.
According to the U.S. Energy Information Administration, U.S.
metallurgical coal exports totaled 30.9 million tons through
September, a decrease of approximately 25% when compared to the
same period in the previous year. Annualized, 2020 U.S. coking coal
exports would be approximately 41 million tons as compared to 55
million tons in 2019. Hot-rolled coil prices varied
throughout the year in response to the economic impacts of the
COVID-19 pandemic but ended the year significantly higher as
vaccinations were administered and restrictions were eased in
various countries. When comparing hot-rolled steel coil prices at
the end of 2020 to the beginning of 2020, U.S. prices rose 75%,
Northern European prices rose 53% and Chinese prices rose
41%.
The World Steel Association Short Range Outlook released in
October forecasted that steel demand will contract by 2.4% in 2020
versus 2019 and will increase by 4.1% in 2021 versus 2020.
Global steel demand in 2021 is expected to exceed 2019 levels,
driven primarily by Chinese increases compared to
2019. Chinese steel demand is expected to increase by 8.0% in
2020 as compared to 2019 and remain flat in 2021. Excluding
China, steel demand from the rest of the world will decrease by
13.3% in 2020 and increase by 9.4% in 2021. Regionally, the
collective demand from the United
States, Canada and
Mexico is forecasted to decrease
by 15.3% in 2020 and increase by 6.7% in 2021; demand from the
European Union is forecasted to decrease by 15.2% in 2020 and
increase by 11.0% in 2021; the collective demand from Asia and Oceania (excluding China) is forecasted to decrease by 13.3% in
2020 and increase by 10.7% in 2021; and the collective demand from
Central and South America is
forecasted to decrease by 10.1% in 2020 and increase by 8.2% in
2021. Through January 2021, the
World Steel Association reported that global crude steel production
rose 4.8% in 2021 versus 2020 with Turkey up 12.7%, Brazil up 10.8%, India up 7.6% and China up 6.8% while the United States and Japan were down 9.9% and 3.9%, respectively.
Regionally, South America grew by
11.4%, Asia and Oceania, which
includes China and India, increased by 6.3%, the EU was lower by
0.4% and North America was lower
by 7.0%. Hot-rolled steel coil prices have increased since
the start of 2021 in U.S., Northern
Europe and China by 20%,
11% and 6%, respectively.
After opening the first quarter of 2021 at $102.50/mt FOBT, the forward curve for the first
quarter of 2021 according to the TSI index is trading in the
$130s/mt FOBT range with March at $131/mt FOBT. Forward curve pricing for 2021 and
2022 is showing pricing the low $140s to upper $150s/mt FOBT
range. Increased global steel demand and increased global
steel production are improving the demand for metallurgical coal
and driving prices up as production resumes and supply slowly
returns. Trade tensions between China and Australia continue to impact the supply and
demand balance of the seaborne metallurgical coal market and
resulted in changing dynamics and trade routes for U.S. east coast
metallurgical coal shipments. Domestic metallurgical coal
market contract negotiations for 2021 were completed in the fourth
quarter of 2020 and demand is expected to exceed contracted
tonnages for the year. Due to the continued uncertainty of the
COVID-19 pandemic, price volatility is expected as future demand
for metallurgical coal and the availability of supply will be
impacted by, among other things, country specific and regional
efforts to contain and control the spread of the COVID-19 virus,
new variants of the virus, the pace and effectiveness of
vaccinations, the economic stimulus activities of each country and
global organizations and the operating status and capabilities of
our customers and competitors.
See "Risk Factors" in the Company's annual information form
dated March 3, 2021 for the year ended December 31, 2020 for an additional discussion
regarding certain factors that could impact coal pricing trends and
outlook, as well as the Company's ongoing operations.
Financial Statements and Management's Discussion and
Analysis
Refer to Corsa's audited consolidated financial statements for
the years ended December 31, 2020 and 2019 and related
management's discussion and analysis, filed under Corsa's profile
on www.sedar.com, for details of the financial performance of Corsa
and the matters referred to in this news release.
Non-GAAP Financial Measures
Management uses realized price per ton sold, cash production
cost per ton sold, cash cost per ton sold, cash margin per ton
sold, EBITDA and adjusted EBITDA, as both terms are defined below,
as internal measurements of financial performance for Corsa's
mining and processing operations. These measures are not
recognized under International Financial Reporting Standards
("GAAP"). Corsa believes that, in addition to the
conventional measures prepared in accordance with GAAP, certain
investors and other stakeholders also use these non-GAAP financial
measures to evaluate Corsa's operating and financial performance;
however, these non-GAAP financial measures do not have any
standardized meaning and therefore may not be comparable to similar
measures presented by other issuers. Accordingly, these non-GAAP
financial measures are intended to provide additional information
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP. Reference
is made to the management's discussion and analysis for the three
months and year ended December 31, 2020 for a reconciliation
and definitions of non-GAAP financial measures to GAAP
measures.
Corsa defines adjusted EBITDA as EBITDA (earnings before
deductions for interest, taxes, depreciation and amortization)
adjusted for change in estimate of reclamation provision for
non-operating properties, impairment and write-off of mineral
properties and advance royalties, gain (loss) on sale of assets and
other costs, stock-based compensation, non-cash finance expenses
and other non-cash adjustments. Adjusted EBITDA is used as a
supplemental financial measure by management and by external users
of our financial statements to assess our performance as compared
to the performance of other companies in the coal industry, without
regard to financing methods, historical cost basis or capital
structure; the ability of our assets to generate sufficient cash
flow; and our ability to incur and service debt and fund capital
expenditures.
Qualified Person
All scientific and technical information contained in this news
release has been reviewed and approved by Peter Merritts, Professional Engineer and the
Company's Chief Executive Officer, who is a qualified person within
the meaning of National Instrument 43-101 – Standards of
Disclosure for Mineral Projects.
Caution
Potential developments and market conditions discussed in this
news release are considered to be forward looking
information. Readers are cautioned that actual results may
vary from this forward-looking information. See
"Forward-Looking Statements" below.
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
metallurgical coal to domestic and international steel and coke
producers in the Atlantic and Pacific basin markets.
Forward-Looking Statements
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
including, but not limited to, statements relating to the expected
price volatility of the metallurgical coal market, the future
demand for steel and its production, the availability of its
supply, and the finalization of domestic metallurgical coal market
contract negotiations in 2021, constitutes forward-looking
statements which include management's assessment of future plans
and operations and are based on current internal expectations,
assumptions and beliefs, which may prove to be incorrect. Some of
the forward-looking statements may be identified by words such as
"will", "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. These risks and
uncertainties include, but are not limited to: changes in market
conditions, governmental or regulatory developments as a result of
the COVID-19 pandemic or otherwise, the operating status and
capabilities of our customers and competitors; various events which
could disrupt operations and/or the transportation of coal
products, including labor stoppages, the outbreak of disease and
severe weather conditions; and management's ability to anticipate
and manage the foregoing factors and risks. 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.
The TSX Venture Exchange has in no way passed on the
merits of this news release. Neither the TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
SOURCE Corsa Coal Corp.