Perth-based Bathurst Resources has received the green light to proceed with a mine at the Escarpment at its Buller coal project in New Zealand.
Perth-based Bathurst Resources has received the green light to proceed with a mine at the Escarpment at its Buller coal project in New Zealand.
The permit is granted for 12 years and requires that mining start at the Escarpment within five years.
In a statement the company said among the next steps in developing the project was to obtain relevant environmental approvals and finalise a feasibility study.
"The support of the New Zealand Government for Bathurst's Buller Project is greatly appreciated," said Bathurst's Managing Director Hamish Bohannan.
"We look forward to working with the New Zealand Government to develop the Escarpment mine and create jobs in the Buller region. A successful Bathurst will benefit both our shareholders and the regional economy surrounding our mines," he said.
Full company statement below:
Bathurst Resources Limited ("Bathurst" or "Company") is pleased to announce that L&M Coal Limited has received approval for mining to proceed at the Escarpment at its Buller Coal project in New Zealand.
The Mining Permit issued by Ministry of Economic Development under the Crown Minerals Act 1991 relates specifically to the Escarpment. The mining permit is granted for a term of twelve years and requires that mining start at Escarpment within five years.
Having been awarded a Mining Permit, the next steps in developing the Buller Project are:
* Obtaining relevant environmental approvals;
* Increasing Buller Reserves and Resources to a sufficient size to allow a minimum 20 year mine life;
* Finalising the Definitive Feasibility Study; and
* Advancing discussions with offtake partners.
All of these remain on track and, as previously advised, once they are completed Bathurst will seek to exercise its option to purchase the Buller Project from L&M Coal Holdings Limited. Bathurst expects this to occur in Q4 2010 and with mining to commence in Q4 2011 at an initial rate of 1mtpa.
Bathurst's Managing Director Hamish Bohannan said:
"The support of the New Zealand Government for Bathurst's Buller Project is greatly appreciated.
"We look forward to working with the New Zealand Government to develop the Escarpment mine and create jobs in the Buller region. A successful Bathurst will benefit both our shareholders and the regional economy surrounding our mines."
