|More contracts for Pinnacle Resources for shipment to Asia|
Pinnacle released the details of their agreement with Hanwa Company, which will see Pinnacle deliver 75,000 metric tons per year of wood pellets beginning in 2022. The pellets will be used to fuel a biomass power generation plant in Japan.
Robert McCurdy, the CEO of Pinnacle noted how the agreement will build on the Asian nation's goals on carbon reduction.
"We are pleased to enter into this long-term relationship with Hanwa, as it continues to contribute to Japan's strong commitment to decarbonization," ... "With the addition of the fourth contract of 2018 with Japanese customers, our contracted backlog is now $3.8 billion."
The Hanwa agreement follows a similar arrangement reached last month with Ube Industries, with that company set to take on 70,000 metric tons of industrial wood pellets starting in 2019.
The focus on Asia is helping to expand the destination listings for shipments out of the Westview pellet terminal in Prince Rupert, up until this year, the majority of the shipments leaving the Port of Prince Rupert were destined for European ports, with the United Kingdom a particularly strong importer of Pinancle's pellets.
For more notes related to this weeks announcement see this information sheet from Pinnacle here.
A wider overview of their Prince Rupert operations can be found on our archive page here.
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