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TerraCom finalises new share placement

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World Coal,

ASX-listed coal mining company, TerraCom, has finalised a placement of AUS$4 million to new and existing institutional and sophisticated investors, the company said in recent announcement.

The placement followed a series of investor roadshows in Australia and Asia that aimed to introduce the company to new institution investors. Foster Stockbroking acted as lead manager to the placement.

TerraCom have recently restarted coal mining operations at its Baruun Noyon Uul metallurgical coal mine in Mongolia, having completed a binding 5.5 year, 7.5 million t sales contract with Inner Mongolia Kingho Co.

The company is also awaiting approval from the Queensland Department of Natural Resources and Mines for the transfer of the Blair Athol mining lease to TerraCom. The company announced an agreement to buy the mine from Rio Tinto earlier this year.

The application to transfer the mining lease was issues in September. Eventual title transfer will trigger over AUS$20 million in already-committed working capital funding.

“The company is positioned to capitalise on a strong global coal market and pricing with the restart in Mongolia now underway, and remains excited at the near-term prospect of operations restarting in Queensland at the Blair Athol mine,” TerraCom said.

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Australia coal news