Australian Coal Miner Eyes New Zealand Coal Resource
Australian coal miner, Bathurst Resources, has said that it wants to complete its 100% share purchase of privately-owned New Zealand coal miner, L&M Coal Holdings, by 30 April. The company’s MD, Hamish Bohannon, made the announcement to the Australian Stock Exchange on Wednesday. Bathurst also announced that it is to dual-list on the New Zealand Stock Exchange.
L&M Coal has permits covering more than 10,000ha at Buller, in the western part of New Zealand’s South Island. The areas contain 50 million tonnes of premium hard-coking coal and 90 million tonnes of thermal coal.
"Studies show it should be developed as an open cut operation that could be in production within 18 to 24 months," said Mr Bohannan, adding that due diligence of the Buller coal field was currently in progress.
The neighbouring coal field owned by Solid Energy produces about 2 million tonnes of hard-coking coal per year.
No indication was given of the price Bathurst is paying for L&M Coal.
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