Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Bathurst seeks up to $2.67 mln in rights issue

Bathurst seeks up to $2.67 mln in rights issue

By Paul McBeth

May. 29 (BusinessDesk) - Bathurst Resources, which raised A$7.39 million in a discounted placement to institutional investors last month, is seeking up to $2.67 million in a rights issue, to help fund the development of its Escarpment open-cut coal mine on the Denniston Plateau near Westport.

The Wellington-based mining company intends to make a 1-for-23 pro rata non-renounceable entitlement offer at 6.5 cents per share, and plans to lodge the offer document tomorrow, it said in a statement. The shares were unchanged at 6.5 cents today.

"BRL intends to use the proceeds from this offer, along with the raising form the recent placement, primarily to fund the development of the Escarpment project, and to assess other sites on the West Coast of New Zealand for their potential for the production of coking coal," it said.

In February, the company said it would cut 29 jobs in response to the lowest world prices for coking coal in the past 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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>

Kaikōura Earthquake: Private Insurers Receive $1.8b Claims

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million. “...We have a high level of confidence that most people will have received settlement offers by the end of this year." More>>

ALSO:

Forms And Data: New Proposals To Simplify Personal Income Tax

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax. More>>