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Bathurst records positive FY2016 results

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World Coal,

Bathurst Resources has recorded full year ROM coal production of 431 000 t in the financial year to end of June 2016 (FY2016), according to the June quarterly report. Bathurst operates mines on the South Island of New Zealand, producing coal for local industrial users.

The company also reported that it was cash-flow positive for FY2016 with cash and restricted deposits of NZ$6 million at the year end. Earnings were NZ$11 – 12 million.

The bulk of the company’s production was recorded at the Takitimu mine, which mined 303 000 t in FY2016. The Canterbury mine produced over 61 000 t and plans to ramp up production to over 100 000 t in FY2017 on the back of strong local demand.

Escarpment mine was put into care and maintenance in the June quarter, after the local cement works ceased offtake in April. The resource remains available, however, and can be brought back online with minimal cost or delay when market conditions improve.

Looking ahead, the company is expecting ROM coal production of 330 000 t with earnings of NZ$12 – 13 million.

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