New Zealand-based coal miner Bathurst Resources has announced that it has signed an agreement with Canada-based Telkwa Coal Limited to purchase the assets of the Tenas Coking Coal Project in British Columbia.
Bathurst Resources will make an upfront payment of $2.33 million at the closing of the transaction and a payment of $1 million within 45 days after the closing. The acquisition of the Tenas project, which will have an annual production capacity of 750,000 mt of coal, is expected to be completed in the coming months. The project is anticipated to receive environmental approval in 2025.
In addition, Bathurst Resources has an annual production capacity of total 3.8 million mt at its current New Zealand and Canadian assets.