While retaining healthy cash-in-hand of almost $A60 million ($NZ 76.2 million) and $A90 million in undrawn banking facilities, the project is months behind schedule.
The withdrawal last week by a residents' association's Environment Court challenge is one less hurdle, but Bathurst awaits a Environment Court judge's decision on whether climate change will be debated within the challenges. Then the case proper must be heard, with a potential appeal period after.
Also, access and concession agreements are yet to be struck with the Department of Conservation.
For the quarter to March, Bathurst sold about $A10 million of coal and its net operating cash flows reflected a $A2.7 million loss. In the past three quarters, it has sold $A25 million of coal and booked a total loss of $A13.4 million.
Craigs Investment Partners broker Peter McIntyre said Bathurst had a lot of hurdles left.
"They are burning some cash but they have ticked off a lot of boxes along the way. The next few weeks will be critical, while they await the judge's decision [on climate change]," Mr McIntyre said.
Bathurst shares a year ago sat at $1.64 but yesterday were down more than 10% at 79c.
Mr McIntyre said the share price has had to contend with the resource management process for the Buller prospect.
"However, a key driver for share performance is that [global] hard coking coal prices have fallen from a peak of $US330 ($NZ401) a tonne to around $US206. While there are concerns for Chinese demand and growth, that will also impact on the share price," he said.
Following mediation, the Whareatea Residents Association last week withdrew its appeal against consents granted to Bathurst last year to develop the Escarpment block on the Denniston plateau, above Westport. That association was challenging the location of a coal stockpile, as opposed to outright environmental concerns.
Bathurst had proposed a sluicing pipeline to take coal from the plateau towards the coast, but under its revised plan it will now truck coal to either Westport, or to a rail siding for loading to go to Lyttelton.
After about two years, an aerial bucket system could be constructed, like the aerial cable and bucket systems used early last century, or possibly a covered conveyor-belt system.
Once the decision on climate change is made, Bathurst will prepare for the Environment Court challenges of the West Coast Environmental Network Inc and Royal Forest and Bird Protection Society of New Zealand.
Should climate change be included as a valid factor in granting resource consents, which would set a precedent for future consent applications, the door could be open to considering far-reaching environmental concerns.
The environmental network and Forest and Bird are highlighting the rare biodiversity of flora and fauna on and near the Denniston plateau, saying no matter what remedial or rehabilitative work is proposed by Bathurst, the ecosystems will be destroyed.
