Sales exceeded production at the coal mining operations of Bathurst Resources Ltd (ASX: BRL) in the September quarter.
The company produced a total of 294,000 equity tonnes of coal for the three months but sold 305,000t in the period,
Bathurst’s premier operation is the 65% owned Stockton mine in the Buller coalfield, in the BT Mining partnership with the Tally’s group, and Bathurst said sales exceeded budget when one of five export shipments, set for October was brought forward to September.
BT Mining was able to sell 230,000t of hard coking coal for the three months at an average price of $262/t.
The other two BT Mining operations – Rotowaro and Maramarua in the Waikato had increased production, with Rotowaro having increased sales and Maramarua making up for a deficit in the previous quarter.
Bathurst’s 100% owned South Island domestic market mines saw Takitimu focus on the Coaldale East Stage 1 development and also achieve forecast production, while Canterbury with better weather achieved above-budget production aided by increased sales to regional dairies.
On the exploration front the company drilled two holes on the Marshalls lease in the Buller field and said resource consents were received from the Department of Conservation for drilling in the Wharatea West footprint.
The Canadian joint venture with Australian company Jameson Resources Ltd (ASX: JAL) was completing a drilling programme on the Crown Mountain lease.
Bathurst finished the quarter with a consolidated cash balance of $47.5 M.
Meanwhile the elephant in the corporate world – litigation on Buller leases being acquired from L & M Coal Holdings Ltd, now based in Asia has seen Bathurst appeal a High Court judgement in favour of L&M for a multi-million dollar settlement.
The quarter report said Bathurst expects a Court of Appeal hearing in the March, 2019 quarter and said the company “remains confident in its view that Bathurst will be successful on appeal.”