TerraCom Limited has provided an update on the restructuring of the Board and positive progress at Blair Athol Thermal Coal Mine in Queensland bringing the mine into full production.
Board augmentation for mining and growth
The has appointed Wallace (Wal) Macarthur King AO as Non-Executive Chairman of the Board of TerraCom, effective immediately. Wal replaces Mr Cameron McRae who will step down as Executive Chairman but remain on the Board as a Non Executive Director. Mr King has been on the TerraCom Board since May 2017 and has made significant positive contribution to the Board and company since that time. Mr King brings a wealth of relevant experience being a highly successful leader in mining and construction industry successfully leading Leightons Holdings Limited to become one of the world’s major contracting, services and project development organisations, and also the world’s largest contract miner, collectively employing around 45 000 people and operating in more than 30 countries.
The Board looks forward to Mr King supporting TerraCom’s growth in becoming a large and strong coal mining company operating in Australia and Asia.
Further to this change that Mr David Stone has resigned as an Executive Director effective immediately. TerraCom has also confirmed that Mr Neville McAlary is responsible for the Blair Athol Mine as Australia Business Unit Head and Mr Sam Bowles is responsible for the BNU Mine as Mongolia Business Unit Head. Neither of these executive positions are being replaced which will result in a significant overhead reduction for the company. The operational reporting structure will be streamlined with both Neville and Sam now reporting directly to Wal.
Ordinary Share Capital Consolidation The Board of Directors have unanimously approved a consolidation of ordinary shares of 10:1. This is subject to regulatory approvals, including shareholders’ approval at the AGM later this year. The consolidation, if passed, will reduce the number of shares on issue from 3.01 billion shares to 301.3 million shares.
The Blair Athol Coal Mine is an operational mine rapidly ramping up to 2 million tpy annualised rate1 in 4Q17. The company mined 25 000 t and invoiced 9000 t of coal sales in August 2017.
Read the article online at: https://www.worldcoal.com/mining/04092017/blair-athol-mine-in-full-production/
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