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19-11-2013, 10:34 AM
#161
MINE: BRL: Green Light for Escarpment Project
BRL
19/11/2013 10:01
MINE
REL: 1001 HRS Bathurst Resources (New Zealand) Limited
MINE: BRL: Green Light for Escarpment Project
Green Light for the Escarpment Mine Project
Bathurst Resources (New Zealand) Limited (NZX/ASX: BRL) ("Bathurst") is
pleased to advise that the period for possible appeals on the final
Environment Court decision to grant resource consent for the Escarpment Mine
Project has now lapsed and no appeal has been lodged.
Last week Bathurst announced it had reached an agreement with one appellant,
Royal Forest and Bird Protection Society of New Zealand Incorporated ("Forest
and Bird"), under which Forest and Bird agreed not to appeal the Environment
Court's final consent decision for the Escarpment Mine Project. The remaining
parties to the proceedings had until yesterday to lodge appeals.
With the appeal period having lapsed, there can be no further legal
challenges to the resource consent process. Bathurst is now fully committed
to commencing mining as soon as possible.
The next stage of work before actual mining can commence is already well
underway. This is the submission of 25 management plans to the Department of
Conservation ("DOC"), Iwi and the local councils. It is anticipated the last
of these plans will be signed off by mid-January 2014. Following the
certification of all plans, an Authority to Enter and Operate will be issued
by DOC so that mining earthworks can commence. The access road to the mine
has already been upgraded; the works being completed in October.
Bathurst anticipates the first production from the Escarpment Mine Project to
occur in the first quarter, 2014 as part of the construction process. Steady
state mining of high quality metallurgical coal will be underway by June.
The Escarpment Mine Project is a high quality metallurgical coal project. The
project is expected to be producing at a rate of 500,000 tonnes per annum by
2015 and 1.5Mtpa by 2016.
End CA:00243992 For:BRL Type:MINE Time:2013-11-19 10:01:07
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Nothing too unexpected here but good to see they are making good progress with escarpment with mine access already done and production expected to start in Q1 2014
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27-11-2013, 12:43 PM
#162
Ann this morning suggests no need for extra capital, increase in reserves and cash positive early next year.
SP should react I suspect
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27-11-2013, 01:52 PM
#163
Originally Posted by blockhead
Ann this morning suggests no need for extra capital, increase in reserves and cash positive early next year.
SP should react I suspect
I dont think so. They need $16 million to get underway, another $10m soon after. Do not know if they have $16m at present. They go through cash like its going out of fashion... check the quarterly cashflows...
Last edited by blackcap; 27-11-2013 at 02:14 PM.
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27-11-2013, 02:32 PM
#164
I would have thought so myself Blacky but this is what the presentation says,
''With resource consents granted, Bathurst is currently assessing funding requirements (if any) to optimise development of the escarpment''
Why is the ''if any'' in brackets there if there is a possibility they want more capital ?
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27-11-2013, 03:37 PM
#165
Originally Posted by blockhead
I would have thought so myself Blacky but this is what the presentation says,
''With resource consents granted, Bathurst is currently assessing funding requirements (if any) to optimise development of the escarpment''
Why is the ''if any'' in brackets there if there is a possibility they want more capital ?
Its got me buggered blockhead. Their quarterly on 31 October showed that they had $18m cash on hand as at 30 Sept but a lot of that came from financing. Operating cashflow used up $9million for the quarter. Now lets assume they do a bit better and "waste" $6million per quarter. That would mean $12m in the bank at end Dec. But Jan and Feb will use cash too so cannot see how they will have the $16m required. I think the (if any) is just making their presentation look a bit more credible. I did talk to 2 directors at the AGM who did signal a capital raising of some sorts. Any other suggestions are welcome but to me the presentation and fact do not really add up.
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27-11-2013, 04:04 PM
#166
What cashflow can they expect from their (producing) Southland mines? Hardly enough after costs to make much difference, I would have thought?
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27-11-2013, 04:14 PM
#167
I have sent an email to the Company to seek clarification.
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27-11-2013, 04:50 PM
#168
Originally Posted by blockhead
I have sent an email to the Company to seek clarification.
It is appreciated. Would you be willing to share their reply (or paraphrase it) for us?
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27-11-2013, 04:59 PM
#169
Certainly will, I have a fair loading of these so am definitely interested
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27-11-2013, 06:17 PM
#170
Seems Mr Market is doubting their statement as well. Down to 25 cents at close today. Will be interesting to see how they respond. Long term I think they will do allright out of the escarpment. (provided price of coal stays above $150t)
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