The Buller coalfield on the west coast of the south island of New Zealand is known for its production of high quality and low ash coking coals. L&M Coal has established exploration potential, conceptually between 50 and 90 million tonnes of coking and thermal coals within two permits that cover over 10,000 hectares of the Buller coalfield with further exploration potential remaining within the permits.
Under the agreement, Bathurst will work in a joint venture with L&M Coal to develop the Buller project and will hold the right to execute a sale and purchase agreement to acquire all of the shares in L&M Coal.
Bathurst has signed an agreement to acquire the Black Diamond coal assets in eastern Kentucky, US. This acquisition is to be funded through mezzanine finance at a project level facilitated by Hyde Park Capital and Charlotte Capital.
