Bathurst posts half-year profit but not from coal

ALAN WOOD
Last updated 05:00 04/03/2014

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Coalminer Bathurst Resources says foreign-exchange and fair-value adjustments bolstered its first-half net profit of $8.3 million.

A year ago Bathurst reported a $6.5m loss for the six months to December 31, 2012.

The dual NZX and ASX-listed miner said the net profit included $9.4m of unrealised foreign-exchange gains resulting from a strengthening NZ dollar. It also included a fair-value gain of $5m.

It reported shareholders' equity of $238.1m at December 31, up from $219.6m as at June 30, 2013.

Total assets stood at $514.3m, up from $496.4m reported at June 30.

The coalminer had $10.8m of cash left after the half-year, down from $35.5m left at the end of the 2012-13 first-half period. It reported negative cashflow from operations of $13.4m for the half, having spent on project development, administration and support costs.

No dividend was declared for the first half.

Bathurst's proposed flagship Escarpment mine on the Denniston Plateau has been put on hold. The price of coal at $143 a tonne - the lowest in nine years - meant mining would be unprofitable. The miner is also awaiting the results of a review of its operating plans by the Department of Conversation and regional councils.

At the nearby Cascade mine, a large cutback to expose new coal areas was completed in late 2013, supporting an expansion from about 45,000 to 150,000 tonnes a year.

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- BusinessDay

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