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TerraCom receives FIRB approval of Blair Athol coal mine acquisition

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World Coal,

TerraCom Ltd has received approval from the Australian government’s Foreign Investment Review Board (FIRB) for the acquisition of the Blair Athol coal mine in Queensland, Australia, by its wholly owned subsidiary, Orion Mining Pty Ltd.

According to a recent ASX announcement from the company, this FIRB approval is another important milestone in the acquisition of the Blair Athol coal mine adding to the recently secured US$12 million in new funding to support the plans for commissioning of the Blair Athol coal mine to deliver first coal sales in December 2016.

TerraCom previously announced that Orion Mining had executed a binding Sale and Purchase Agreement to acquire the Blair Athol coal mine from the Blair Athol Coal Joint Venture (BACJV) under the terms as previously disclosed and subject to Queensland government approval and certain other conditions precedent.

TerraCom intends to initially commence over 50 ha. of site rehabilitation while bringing the mine back into production. Production is being scheduled around a rate of 2 million tpa of coal with a target of recommencing operations in 4Q16 and achieving first coal sales by the end of 2016.

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