Posted in | News | Coal | Mining Business

Bathurst Resources Signs Coal Deal with Stemcor Australia

By Joel ScanlonDec 13 2010

Bathurst Resources Ltd (ASX:BTU) is developing a large open cut coal mine in the Buller region on New Zealand's South Island. The company is focused on becoming a producer of high quality coking and thermal coal to niche export markets.

The Australian company has now signed up the steel trader Stemcor Australia as customer. Stemcor will also be providing finance for the coal project. It will provide $50 million by way of a finance facility.

The ASX listed Bathurst Resources now has a memorandum of understanding with Stemcor Australia which is a subsidiary of Stemcor Holdings. The coal from the Buller project will be sold to this customer over the next five years.

45% of the first million tonnes of coal produced at the coal mine and 30% of any additional production above a million tonnes per year will also be sold to Stemcor by Bathurst Resources. Stemcor is to act as principal for Bathurst in some markets as well.

The company wants to start mining in the last quarter of next year if all goes as planned. By its second year the company aims to employ 165 people, the number rising to 300 by the fourth year of operations.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

APA
Scanlon, Joel. (2019, March 19). Bathurst Resources Signs Coal Deal with Stemcor Australia. AZoMining. Retrieved on April 24, 2024 from https://www.azomining.com/News.aspx?newsID=2047.
MLA
Scanlon, Joel. "Bathurst Resources Signs Coal Deal with Stemcor Australia". AZoMining. 24 April 2024. <https://www.azomining.com/News.aspx?newsID=2047>.
Chicago
Scanlon, Joel. "Bathurst Resources Signs Coal Deal with Stemcor Australia". AZoMining. https://www.azomining.com/News.aspx?newsID=2047. (accessed April 24, 2024).
Harvard
Scanlon, Joel. 2019. Bathurst Resources Signs Coal Deal with Stemcor Australia. AZoMining, viewed 24 April 2024, https://www.azomining.com/News.aspx?newsID=2047.