Eastern Resources Group Ltd

Bathurst has now dotted the “I’s” and crossed the “T’s” to now be a fully fledged coal miner in New Zealand through the assets purchased from Galilee Energy.

The extent of capital raisings and capital outlays by Bathurst Resources in the December half are well detailed in the company’s just-released financial results.

Another due process hurdle has been jumped by Bathurst Resources – Overseas Investment Office approval of its takeover of the subsidiary of Galilee Energy that owned two mines and coal exploration tenements on the South Island of New Zealand.

Fast-moving Bathurst Resources will move immediately into coal mining while advancing its Buller coal project. The company has persuaded Galilee Energy to change its mind and not go ahead with an IPO on its New Zealand coal mining assets.

Gallilee Energy has given its reasons as to why it spurned a proposal by Bathurst Resources to take up its subsidiary that holds its coal mines and assets in New Zealand. It will proceed with the blueprint for an IPO on the Australian Securities Exchange.

The well telegraphed proposal for Galilee Energy to hive off its coal assets in New Zealand into an IPO as a separate ASX listing is gathering momentum.