MPX Energia the Brazilian power company controlled by billionaire Eike Batista said that it found as many as 110 million tonnes of thermal coal in a Colombian open pit mine.

According to a regulatory filing, MPX's subsidiary MPX Colombia is entitled to at least 65 million tonnes of the find in the Colombian province of Guajira in the Caribbean coast.

The filling added that other tests are being performed to check further coal reserves in the area and preliminary studies said prospects for underground finds look very promising.”

(Sourced from Reuters)