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19/9/2018 — Conference Special
Tacon spells out Bathurst’s value

In the past financial year New Zealand’s leading coal producer Bathurst Resources Ltd (ASX: BRL) paid $39.4 million in taxes and royalties to Government and had 91% of its employees living locally to mining operations.

This point was made in a presentation to the AusIMM NZ Mining Conference by Bathurst’s chief executive Richard Tacon who also pointed out that the company spend annually $221.6 M with local suppliers and paid $40.5 M on employee benefits.

Tacon said Bathurst had a record year, incorporating 10 months of operations from BT Mining – the joint venture company set up with Tally’s Energy to operate Stockton and two coal mines in the Waikato – acquired from Solid Energy.

Bathurst had a record operating profit of $72.9 M, and its equity coal sales lifted to 1.5 million tones, including third party purchased coal.

Tacon said new export markets have been developed in Australia and India for semi-hard coking coal.

He said steel manufacturers are now increasingly more technical on their coal purchases, to maximise product value and to decrease costs.

On the Crown Mountain hard coking coal project in Canada, in which Bathurst is buying a 50% interest from an Australian-listed company, the project was moving towards a bankable feasibility study and permitting.

It was projected the project would have clean coal sales of about 1.7 M tonnes per annum over a 16 year mine life.

On the L&M Coal could case, where the High Court in August ruled in favour of that company’s claim it was owed $40 M performance payment, Bathurst has lodged an appeal. Timing of this appeal was unknown but likely to be in the first quarter of next year.

Tacon said Bathurst has full confidence in its legal team.

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Bathurst Resources’ Richard Tacon.