https://www.miningweekly.com

TerraCom secures funding for Blair Athol restart

29th September 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed TerraCom has announced plans to raise $12-million in new funding to support the commissioning of the recently acquired Blair Athol coal mine, in Queensland.

The company has secured the funding in the form of a financing facility, which will be drawn down on a schedule linked to pre-agreed milestones and cash flow requirements, in order to expedite the commissioning and start-up of the mine.

The facility will incur interest at 9% a year, and was split into a $3-million facility, repayable over 12 months from the date of commissioning, and a $9-million facility, provided on a rolling basis for five years.

TerraCom recently completed an agreement with mining major Rio Tinto under which its subsidiary acquired the mine for $1. Under the agreement, TerraCom, a subsidiary of Orion Mining, will receive A$80-million from the mining giant to meet rehabilitation costs at the site.

TerraCom planned to initially start over 50 ha of site rehabilitation while bringing the mine back into production, with production scheduled at a rate of around two-million tonnes a year of coal, with a target of recommissioning operations in the fourth quarter of 2016, and achieving coal sales by the end of the year.

Edited by Creamer Media Reporter

Comments

Latest News

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024

Showroom

Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 
Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.13 0.168s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: