PERTH (miningweekly.com) – ASX-listed TerraCom has finalised the sale of its Mongolian assets to Bridge Resources, disposing of its Baruun Noyon Uul (BNU) coal mine and its Enkhtunkh Orchon coal mine.
The assets are being sold as a going concern, with Bridge accepting the existing net liabilities of up to $28-million, paying TerraCom a total consideration of $3-million.
“TerraCom is pleased to have worked with Bridge Resources on this transaction and looks forward to a mutually prosperous working relationship between the parties in the future,” said TerraCom deputy chairperson Craig Ransley.
The company previously said that the divestment of the Mongolian assets would relieve its balance sheet of some $15-million of current liabilities, and would enable the company to continue its transition as a major global thermal coal producer with a clear focus on its Australian and South African operations.