Bathurst Resources is looking to raise $31.9 million towards its share of joint venture Phoenix Coal with Talley's group after the pair agreed to buy three Solid Energy coal mines for a total $46 million. Bathurst estimates its annual 400,000-500,000-tonne production rates could leap beyond 2 million tonnes by 2018 when its South Island assets are combined with the three former Solid Energy mines. Bathurst Resources entered New Zealand around 2008, raised $242 million and listed, and began developing its Denniston plateau mines, near Westport. With Talley's contributing $14 million, Bathurst $26 million and a BNZ debt facility of $15 million, from that $55 million Phoenix would pay $46 million for the three assets and have $9 million for working capital and bonds. Separately, but also announced on Monday, Birchfield Coal Mines agreed to buy the Strongman and Liverpool open-cast mines near Greymouth, while Dunedin company Palmer MH Group, owned by Hunter brothers Craig and Tony, has bought the Ohai and New Vale mines in Southland, along with McMahon Investments.

Source: Otago Daily Times November 02, 2016 17:11 UTC