Bathurst Resources Ltd (ASX: BRL) has gained its first dividend from the BT Mining joint venture that took over three operating mines from Solid Energy.
Bathurst holds 65% of the partnership with the Talley’s group holding the balance.
In the June quarter Bathurst said BT Mining paid its first dividend to the partners of $NZ20 million.
Bathurst also said that for the three months the EBITDA, subject to audit, had exceeded guidance for the company.
Total production for equity BT operations and the 100% owned domestic market operations was 410,000 tonnes recovered and sales revenue for the company of $61.064 M.
The Stockton export coal operation had six shipments in the quarter with sales volumes achieving budget.
The other BT Mining operations – Rotowaro and Maramarua on the North Island saw the former exceed its production target while the re-developing Maramarua was back to a steady state of output.
At the 100% owned South Island operations Takatimu was marginally behind budget, though overburden removal was ahead of forecast. The Canterbury mine achieved above-target sales and overburden removal was advanced to catch up on the impact bad weather had shown in prior quarters.
At quarter end, Bathurst’s cash balance was $28.7 M.
The protracted litigation coming from L&M Coal Holdings, now owned in Asia, has seen an indication a judgement could be made by the end of this month following a hearing by the High Court to claims by L&M on claims of money owed. Bathurst said it will continue to “vigorously defend” this claim.
The quarter report also detailed the already announced joint venture it has taken up with Perth-based Jameson Resources on a coking coal project in Canada.