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Bathurst Resources half year results

World Coal,

Bathurst Resources Limited has released financial results for the half year ended 31 December 2014.

The company made a net loss before tax for the 6 months ended 31 December 2014 of US$6.9 million.

Cost of sales for the period includes amortisation charges totalling US$3.8 million. Other expenses for the period include depreciation of US$3.1 million.

The cash outflow for the company for the 6 months ended 31 December 2014 was US$2.6 million (2013: US$3.4 million outflow), which included an operational cash outflow of US$2.2 million.

While the six month period has an operational cash outflow, the second quarter of the year was operationally cash positive. This follows an efficiency review completed in 2014, which resulted in reduced cost throughout the business.

The company had US$5.9 million in cash and short-term restricted deposits at 31 December 2014.

No dividends were paid in the six months to 31 December 2014.

Buller operations


Coal winning at Cascade was concentrated in the Cut 4 area mining a thick section of coal under light cover. The amount of overburden to be removed to expose coal has now decreased significantly with a resultant reduction in the cost of mining. Rehabilitation is ongoing in mined out areas. Shaping of final batters in preparation for plating was undertaken in the Waterfall area to the north west of current mining operations.

Escarpment development

Work at Escarpment commenced on 1 July and has focused on the installation of water treatment systems, haul roads and dump areas. Some coal has been recovered from construction operations and was blended with Cascade coal for domestic sales.

The ramp up to full commercial production at Escarpment will be deferred until the international coal market recovers.

Southern operations


Following the internal review of operations at Takitimu, the company took over the mining contract and all site staff transferred to Bathurst. This has resulted in a lower cost of production.

Mining has continued to plan giving in pit inventory of approximately 40 000 t of coal under light cover. Rehabilitation is well advanced in the mined out Takitimu put areas in readiness for pasture planting this coming season.

Canterbury mine

Operations are scheduled to recommence in March 2015.

The mining fleet is being mobilised and a coal stockpile are prepared.

Capital raising

Further to AUS$7.4 million placement in April 2014, a non-renouncable rights issue was announced to enable all shareholders to have the opportunity to purchase shares at the placement price. The rights issue closed in early July 2015 with allotment of 2 146 913 ordinary shares, raising NZ$0.1 million before expenses.

Adapted from a press release by Emma McAleavey.

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