Bathurst Resources will delist from the NZX on July 3 as it continues to trim its operational costs.
The future of the company has been uncertain for a while and the latest announcement is one of several which have come from the company which was set to become a major producer and exporter of New Zealand hard coking coal.
Craigs Investment Partners broker Peter McIntyre said yesterday it would take a significant improvement in international hard coking coal prices for the Denniston project, on the West Coast, to become operational.
The price yesterday was $US113 ($NZ158) a tonne, below the benchmark $US120 a tonne where mining could again become profitable.
Bathurst still had cash flow from its South Island mines, which serviced the dairy industry, Mr McIntyre said.
At full capacity, Bathurst was expected to employ more than 400 at its Buller projects but fewer than 100 are on the payroll and the management team has been slashed from seven to three in recent months.
Bathurst said in a statement New Zealand shareholders would still be able to trade their shares through any New Zealand sharebroker who could trade through the ASX, or through an Australian sharebroker.
Delisting from the NZX would enable Bathurst to save the ongoing listing fees, legal fees and registry costs associated with maintaining its NZX main board listing.
On July 3, all Bathurst shareholders holding their shares on the company's New Zealand register would automatically be transferred to the Australian register.
Bathurst would remain as a New Zealand registered company.
