Bathurst buys new project, signs offtake
PERTH (miningweekly.com) – ASX-listed Bathurst Resources has signed a conditional agreement to purchase the assets of Canterbury Coal, and has signed a three-year contract to supply some 55 000 t/y of coal to a local dairy producer.
“This acquisition and new supply contract further underpins the growth of our domestic sales,” said Bathurst MD Hamish Bohannan.
He said that coal demand in the Canterbury region was set to grow to over 150 000 t/y in the short-term, adding that the proximity of the mine to these markets gave Bathurst a distinct freight advantage over its competitors.
Canterbury Coal is an opencast thermal coal mine near Christchurch. Bathurst has been operating the mine under a binding heads of agreement as part of a due diligence evaluation.
During this time, the company won the three-year supply contract.
Bohannan told shareholders on Friday that production from the Canterbury mine would start at a rate of 50 000 t/y and would grow to 100 000 t/y over the next few years, to meet local demand.
The asset agreement, which would see Bathurst pay some A$450 000 on final settlement along with A$150 000 some 12 months from the settlement, was subject to various approvals, including Ministerial consent.
Bathurst said that it was also negotiating to take a 50% stake in the Kenroll coal yard, which would provide a consented coal yard, plant and equipment, weighbridge and screening facilities.
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