Coal mine operator Bathurst Resources Ltd (ASX: BRL) said this week it was paying down in full a term loan of $NZ15 million and will cancel the facility.
The loan relates to the joint venture company BT Mining Ltd in which Tally’s Energy was a partner.
The term loan with the Bank of New Zealand related to BT Mining acquiring the Solid Energy mines of Stockton near Westport on the South Island and Rotowaro and Maramarua in the North Island’s Waikato.
Bathurst chief executive Richard Tacon said integration of the Solid Energy assets has gone to plan.
“The coking coal environment is extremely pleasing with prices at the current levels enabling BT Mining to repay the two year term loan facility early,” he said
Of Bathurst operations in general, Tacon said: “We are now in a strong financial position with the mix of domestic – operating on both the North and South Islands of NZ – together with the high-quality coking coal export operations from the West Coast of the South Island all contributing to the company as planned.”
This, he said, will provide the platform for the company to further strengthen its balance sheet and “provide the opportunity to evaluate capital management initiatives.”
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