https://www.miningweekly.com
Africa|Business|Coal|Mining|Resources|Operations
Africa|Business|Coal|Mining|Resources|Operations
africa|business|coal|mining|resources|operations

TerraCom moves to exit Mongolia

4th May 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed TerraCom has moved ahead with its plans to exit Mongolia, inking a binding term sheet to divest of its Baruun Noyon Uul (BNU) coal mine for $2.

Under the terms of the agreement, Singapore-based buyer Bridge Resources will also accept a net $15-million of existing liabilities within the BNU business structure.

“TerraCom is pleased with the execution of this binding term sheet to divest its noncore operating asset, the BNU coal mining business, in line with the company’s strategic business plan,” said chairperson Wal King on Monday.

“The divestment will relieve the company’s balance sheet of $15-million of current liabilities and will enable TerraCom to continue its transition to a profitable major global thermal coal producer with a clear focus now on the company’s Blair Athol mine, in Queensland, and the more recently acquired Universal Coal mines, in South Africa.”

BNU, which started operations in 2014, has a resource of some 15.26-million tonnes.

The company still retains ownership of the Enkhutunkh Orchlon operation, where it is currently negotiating a divestment, which if successful, would see TerraCom completely exit from Mongolia.

The company said that the divestment of the Mongolian assets would provide TerraCom with a net current asset improvement.

Edited by Creamer Media Reporter

Comments

Latest Multimedia

Resources Watch
Resources Watch
21st February 2024

Showroom

SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (16/02/2024)
16th February 2024 By: Martin Creamer

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:0.153 0.19s - 108pq - 2rq
Subscribe Now