Bathurst takes full control of the Solid Energy assets
Bathurst Resources Limited is pleased to announce that its joint venture with Talley's Energy Limited, BT Mining Limited (BT Mining), has completed the purchase of the assets of the three mines acquired from Solid Energy New Zealand Limited (Subject to Deed of Company Arrangement) (Solid Energy). Full operations under BT Mining will commence 1 September 2017.
The Solid Energy assets include two operating mines (Rotowaro and Maramarua) in the Waikato region of the North Island and the Stockton mines on the West Coast of the South Island.
The settlement amount today was NZ$38.4m (Initial NZ46 million less closing adjustments) with a contingent payment of up to NZ$50m to follow over the next four years.
Further details of the transaction will be released in due course.
Bathurst CEO, Richard Tacon stated "there has been a huge amount of work to get to this point but it has been worth it and we look forward to working with our new and exisiting workforce to maximise the value of these assets for our shareholders and the communities we operate within. I thank all those involved for their efforts to date."