Hidalgo Mining International (HMIT) announced that it will begin Phase-One of mining on its 50,000 acre coal plot in Mexico, as a direct result of finalizing an agreement with McKim & Company, an investment banking organization, to obtain $10M in capital funding.
Initial output estimates generated from Phase One mining are intended to range from 20-50K tons on a monthly basis, resulting in 250-600K annual tons of revenue-generating coal production.
HMIT will subcontract the mining and extraction of high-grade coal to begin the Phase-One mining. Upon the receipt of the remaining capital infusion from McKim & Company, HMIT will obtain the necessary equipment to end its need for sub-contracting and begin the mining process within its own organization./information from: nasdaq.com
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