Bathurst Resources Ltd (ASX: BTU) will place 50 million ordinary shares with sophisticated investors at a price of 5 cents per share to raise up to $2.5 million. A Share Purchase Plan will offered to shareholders.
Funds raised will be used for working capital purposes to continue to streamline operations at its operating coal mines in Kentucky USA. Bathurst acquired C&R Holding of Eastern Kentucky, LLC (“C&R”) on 8 September 2008. C&R has operating coal mines in Kentucky USA. Target production capacity is 800,000 tpa by 30 June 2009.
Mill Creek reached full production levels of 15,000 tons per month (excluding coal produced by the auger) in April. Production activities at Tarkiln and Feds Creek were wound up last quarter due to low coal prices.
However, at Mill Creek, Bathurst is selling coal into the spot market with prices fixed on a monthly basis. All production has been fully sold. Average prices received for the quarter include the 5000 tons of LPO recovered and sold for US$35 per ton which had been mined in the previous quarter.
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| nanniele | Posted: 2010/8/19 13:58 Updated: 2010/8/19 13:58 |
Home away from home   Joined: 2010/8/6 From: Posts: 3452 |
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