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Bathurst increases Canadian and steel making coal exposure

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World Coal,

Bathurst Resources Ltd has entered into an agreement to purchase the assets of the Tenas Coking Coal Project, comprising the Telkwa Metallurgical Coal Complex, in British Columbia, Canada, from Telkwa Coal Ltd, a subsidiary of Allegiance Coal Limited (in liquidation) (controllers appointed).

The Tenas Project is located in north-west British Columbia, Canada, 375 km by both rail and road to the well-established deep water port of Prince Rupert and the Trigon Pacific Terminals Limited (formally Ridley Island).

The key attractions of the project:

  • Low mining strip ratio.
  • Long life project.
  • Conventional opencast mining methods with standard coal processing.
  • Tier 1 Mining jurisdiction.
  • Access to water, power, workforce, and services.
  • Unique close access to existing rail and port infrastructure.
  • Significant port capacity available.
  • Alignment to existing long-term ‘direct customer relationships’.

Richard Tacon, Bathurst CEO, comments:

“A strong operational performance and our capital management strategy have positioned Bathurst to exploit this type of acquisition. In the Tenas Coking Coal Project, we have a commodity in high demand globally, and in which we have proven expertise and existing clients. The project is also well-located in a Tier One jurisdiction in which we have invested since 2018, and in which we are very comfortable. Finally, the acquisition has been secured at a price and on terms that are clearly opportunistic for our shareholders.”

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Canada coal news