Current Activities
The Company is currently producing coal from both its Cascade coking coal mine on the Denniston Plateau and the Takitimu thermal coal mine in Nightcaps. On 25th November the first export shipment of Cascade coal left Westport where it will be discharged at Port Taranaki awaiting final bulk shipment to a customer in Asia.
The current production rate at Cascade is 100,000 tonnes per annum, of which 50% of this amount is sold domestically with the balance planned for export.
A development decision on the Company's next project is expected to be made early in 2012. The Coalbrookdale underground mine is likely to commence production in the first quarter of 2012. Initial production rates will be quite low, but by the end of 2012 the company expects the mine to be producing coal at an annualised rate of 250,000 tonnes.
The flagship mine of the Buller Project is the Escarpment mine on the Denniston Plateau. In August 2011 the mine obtained the required environmental consents from the Westport Council and the Buller District Council. These approvals are now the subject of appeal through the Environment Court of New Zealand. The Company is confident of a successful outcome to these appeals during 2012 and is planning on commencing development at the Escarpment mine mid-way through the year.
Bathurst is in a solid financial position as a result of strong investor support throughout 2010 and 2011 and through commercial arrangements it has in place with its two offtake parties.
