No, actually I spoke with one of them who openly said to me that there probably would be a capital raising and when pressed as to what form this would be he did indicate that a rights issue was a possibility.
Printable View
''We are currently considering funding options for the full development of Escarpment. These include offtake finance and bank finance facilities.
We are also negotiating vendor finance for the aerial conveyor.''
Info Blocky received from BRL back in Dec
Cheers Blockhead, your info is more recent than mine and I would thing that this would be preferable to a rights issue. But we shall see what they do. What is apparent is that something is going to have to happen. Personally I would prefer a delay to production as long as the price of coal is this limp. No point in producing if your costs exceed your revenue. And at this stage it looks like that would be the case unfortunately.
The Westport News yesterday (4th Feb) quoted the mayor (of Buller) saying that he is essentially not too worried that Bathurst is indicating that it might delay its ramp up of production at the Escarpment mine.
I can’t actually find any reference directly from the company – but who can be surprised with met coal at USD123 per ton.
Quoting article in WP News 5th Feb:
......Bathurst general manager corporate relations
Sam Aarons said today that simply meant the
company would be monitoring world coal prices
and would mine to market demand, as was
standard industry practice.
“We don’t anticipate delays in our scheduled
production ramp up but at the same time we have
to be conscious of getting the best returns,” she
said.
Bathurst Resources has said it plans to start
work on the Denniston mine this month.
Ms Aarons today said initial work would involve
clearing areas for site infrastructure and a run
of mine pad, which was where the coal was
stockpiled, as it was fi rst produced.
A dam would be constructed and a construction
water treatment plant leading up to the fi nal life of
mine water treatment plant. Overburden removal
would then commence.
Bathurst expected to be producing coal within a
month of commencing activities.
........
More sign of progression and preparations set once mining gets started.
"Bathurst Resources buys nursery for revegetation"
http://www.odt.co.nz/news/business/2...y-revegetation
That's great info, cheers. It is interesting though: This news is good and bad. Good, Bathurst is not going away any time soon. Bad - looks like the end of the cranberry experiment in buller. Then again, it doesn't matter - from what I hear, the cranberry farm was basically a dead duck anyway.
I wonder how this affects MBC. MBC is a medium sized environment management contractor that did a lot of land remediation work for Solid Energy, I would have thought they'd have a part to play in the Denniston work.
Bathurst in the press:
http://www.stuff.co.nz/business/indu...dailyheadlines
coal prices on long term low ... but Bathurst has (vs Solid Energy) a realistic option of delaying production. Question is - when will coal price go up again?
Discl: firmly sitting on the fence (don't hold, but consider buying)
http://sciblogs.co.nz/griffins-gadge...ent-literally/
It looks like the mining company was doing a spring clean and all the postcards that were presumably presented to them by the Green Party, ended up on the footpath beneath their office.
I’m sure a good number of the people who wrote in will draw a parallel between Bathurst’s careless littering and its plans to undertake open cast mining on Denniston Plateau.