Kitsault Resorts Ltd. plans to announce at a January 8 press conference a proposal to establish an LNG plant, refinery and export terminal in the town of Kitsault in northeast B.C.
The company said the proposed LNG facility would cost between $20 billion and $30 billion, provide for the export of energy products and establish pipelines for oil, natural gas and refined petroleum products between Kitsault and Alberta, as well as other parts of northern B.C.
The former molybdenum mining town hit the headlines in 2005 when it was purchased for $5.7 million by India-born millionaire Krishnan Suthanthiran, who established Kitsault Resorts with the intention of turning the town into an adventure resort.
In 2010, Avanti Mining Inc. (TSX-V:AVT) announced plans to resurrect the town's molybdenum mine but have yet to raise the capital to do so.
The press conference will take place on Tuesday January 8 in Ottawa.
