Bathurst Resources, hunkering down for coal price recovery, has shares halted
April 14 (BusinessDesk) - Bathurst Resources, which has cut jobs and delayed the start to its controversial Escarpment open-cut mine on the Denniston Plateau pending a recovery in coal prices, had its shares halted pending a material announcement.
The stock last traded at 8.2 cents, valuing the company at $67.4 million, having shed 59 percent in the past 12 months. In February, the company said it would cut 29 jobs as it hunkered down to ride out the lowest world prices for coking coal in the last nine years.
Bathurst won resource consents for Escarpment near Westport last October, more than two years after initial consents were appealed by environmental groups. In the meantime, prices slumped to the extent that there would be no margin in extracting coal from the new mine.