TerraCom Ltd’s wholly owned and operated subsidiary, Orion Mining Pty Limited, has received advice from the Queensland Government Department of Natural Resources and Mines that it is “…minded to grant an indicative approval subject to conditions …” for the transfer of the mining lease for the Blair Athol coal mine, Central Queensland, Australia.
TerraCom has advised the Queensland government that it can meet the conditions, which the TerraCom Board does not believe are onerous. TerraCom is of an opinion that a final decision on the indicative approval will be made shortly by the Queensland government.
If approval is given, the combination of TerraCom’s producing BNU HCC mine and Blair Athol positions TerraCom well to capitalise on the strong metallurgical and thermal coal markets. It builds on TerraCom’s near-term strategy of establishing 3 strong operating and revenue generating businesses. Each business acting as a regional hub for further growth into the seaborne traded markets. The 2017 production forecast from these three operating business should exceed an annualised rate of 4 million tpy, with a growth potential to lift this rate in the medium term to above 6 million tpy and in the longer term reaching 10 million tpy through organic growth.
Read the article online at: https://www.worldcoal.com/mining/06022017/orion-mining-receives-conditions-for-indicative-approval-for-blair-athol-mine/