Aspiring West Coast coal miner Bathurst Resources has posted a $A13.4 million ($NZ16.8 million) loss for its full year to June, but retains more than $A87 million in cash and an asset base valued at $A388 million.
Australian-based dual-listed Bathurst has acquired about 10,000ha of coal tenements near Westport on the West Coast, where it plans to mine up to 2 million tonnes of premium hard coking coal for export.
It has spent about $A100 million to date on acquisitions, while offsetting that cost by raising $A242 million for the project.
Bathurst listed on the ASX in 2007 and NZX in 2010 and is now included in the S&P ASX top 200 companies index.
Bathurst gained resource consent last month to mine 200ha within the southern escarpment area of the Denniston plateau, beginning in December, but an action group mounted an Environment Court challenge to its plans last week.
Bathurst shares have been steadily declining from about $1.50 since late August and after yesterday's full-year announcement, its shares were unchanged about $1.12. No dividend will be paid.
According to its 109-page full-year-to-June result yesterday, It posted a $A13.4 million loss, compared to an $A8.4 million loss the previous year.
Bathurst had revenue of $A8.75 million for the year, from coal sales, freight and interest, before a host of expenses, including $A11.6 million in share payments, $A3.1 million in finance costs and $A5.2 in administration expenses.
In November last year, Bathurst raised $A110 million in a share placement, plus $A34 million in a 1:4 renounceable rights issue. Then, in May, it raised $A55 million in an issue, boosting its cash and equivalents from $A8.3 million last year to $A87.4 million.
Bathurst acquisitions
November 2010: Bathurst pays (former) L&M Coal Ltd $US5 million deposit then $US35 million settlement for Buller tenements. Two $US40 million payments due once production begins, plus undisclosed "long-term" royalty payments.
March 2011: Bathurst pays Galilee Energy $28.5 million for Eastern Resources Group, plus $5.1 million debt to Galilee on behalf of Eastern. Includes Buller tenement and working coal mines of Cascade and Takitimu.
May 2011: Bathurst acquires Brookdale Mining's Buller plateau assets for $US12 million, 15 million shares, plus life-of-mine royalty.
