TerraCom Limited
(ASX:TER) has announced it has made a total comprehensive $28.54 million loss after tax for the half-year to 31 December 2016.
Despite the loss, the miner with development projects in Mongolia and Queensland says it achieved many significant milestones for the group.
TerraCom executed a binding sale and purchase agreement to buy the Blair Athol Mine in Queensland, while it also secured US$12 million in funding for the mine's working capital.
In Mongolia, the miner also executed a binding agreement with one of the largest private coal companies in China, for 5.5 years of offtake of hard coking coal.
The group also saw its total net assets go further into the red, compared to 30 June 2016, primarily due to TerraCom's finance costs.
TerraCom reported a loss of 1.14 cents per share.
Shares in TerraCom Limited
(ASX:TER) last traded 3.4% higher to $0.03.
