Results from the December quarter for Bathurst Resources Ltd (ASX: BRL) who that it is on track for an upgrade to its annual profit.
The report yesterday showed that the EBITDAF guidance was upgraded from the previously stated $A92 million to $A105 M with an improvement in export coal prices and North Island domestic reserves lifted with the inclusion of the Waipuna West project.
South Island domestic production continued to be profitable and meet operational targets.
Waipuna West is a new resource at Rotowaro and this will extend the mine life a further four years.
During the quarter Bathurst achieved:
- Purchase of the existing mining fleet at Waipuna West.
- Further investment in the Crown Mountain joint venture in Canada with ASX-listed Jameson Resources.
Bathurst in its 100%-owned and BTI joint venture operations saw export production of coking coal of 261,000 tonnes, 235,000t of North Island domestic coal and 119,000t of South Island domestic coal, with BRL’s total equity share being 441,000t. The company’s total sales revenue for the three months was valued at $NZ73.241 M.
The litigation with L&M Coal Holdings, involving an appeal to the Court of Appeal against an unfavourable judgement by the High Court, involving a claim of millions of dollars against Bathurst, is set to be heard in the June quarter.