Pine Valley Mining Corp. has announced a new royalty payment agreement with the Virginia Conservation Legacy Fund Inc. subsidiary that bought Walter Energy Inc.'s assets in British Columbia. The subsidiary, Conuma Coal Resources Ltd., recently bought the assets only on the condition of an amended load-out facility payment agreement with Pine Valley, according to a press release. Under the new agreement, Conuma will pay Pine Valley a fee for every tonne of coal shipped through the facility, which will vary based on Conuma's average selling price per tonne after deductions for transportation, government fees, taxes and assessments and 'reasonable arm's length sales related costs, fees and commissions'. Aggregated facility fee payments will not exceed CAD 17.7 million. The VCLF subsidiary also agreed to pay Pine Valley for up to CAD 70,000 in legal expenses involved with Walter Energy's court process, among other things. The new agreement's term will last for 30 years and Conuma has agreed to grant Pine Valley a junior security interest on the Willow Creek and Brule coal tenures.