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Business Description: Bathurst Resources Limited (BTU) is a producer of hard coking coal holding thermal coal assets and operating in the Buller coalfields on the south island of New Zealand. The Company is dual-listed on the stock exchanges in Australia and New Zealand.
Strategy Analysis: After announcing a $110m capital raising in October 2010 and finalizing the acquisition of the Buller Coal project (NZ), BTU will be aiming to become a mid-tier coking coal producer by 4Q 2011. The Buller project is in a premier coking coal district and its near-surface nature lends itself to open-cast mining. Rail, port, power and other infrastructure are all in place
Bathurst Resources reported negative cash flow of $4.07m for the quarter ended 31 December 2012. Operating cash flow for the period was $(3.63m). Payments for exploration and evaluation were $(988,000). Investing cash flow was $(245,000). Financing cash flow was $(187,000). Cash in hand at the end of the quarter was $35.53m. Total coal sales of 78,031t were recorded in the quarter - 19,774t from the Cascade mine and 58,257t from the Takitimu thermal operation in Nightcaps. Also during the quarter, the Environment Court hearing on the substantive appeal against the Escarpment Mine Consents was held in Christchurch. The hearing concluded on 18 December 2012 and a decision is pending. At the same time, the appeal on the basis of Climate Change was escalated to the Supreme Court and a hearing date set down for 12 and 13 March 2013.
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