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July 30, 2009
Terra Nova Minerals Inc., a publicly traded company based in Vancouver, British Columbia, has announced plans to purchase Australian Energy Co., the majority interest-holder in Australian American Energy Co.
AAEC is developing the Many Stars Coal-To-Liquids plant on the Crow Reservation in southwestern Montana.
Terra Nova announced its intentions July 22. Under the proposal, which still faces final approval, Allan Blood, current chairman of AEC and AAEC, would be appointed as chairman of the new company, Terra Nova Minerals said.
Blood said he supports the purchase, which he added would have no effect on the Many Stars project.
“AAEC’s focus on the Many Stars project will remain absolutely unchanged under this deal,” Blood said. ”AAEC will continue to be an American company, headquartered in Houston, but now with Canadian investors in addition to our existing American and Australian investors.”
The Many Stars CTL project is an energy development project led by AAEC in collaboration with the Crow Nation.
Expected to be operational by 2016, the Many Stars project will produce 50,000 barrels per day of alternative fuels for domestic use, while employing state-of-the-art carbon capture and sequestration technology.
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