TerraCom purchases QLD coal mine

Company News

by Jessica Ellerm

TerraCom Limited (ASX:TER) has announced it has executed a binding sale and purchase agreement for the Blair Athol coal mine in Queensland. 
 
The mine has been acquired from the Blair Athol Coal Joint Venture, with TerraCom to receive $80 million in funding from the JV to meet mine rehabilitation liabilities. 
 
The acquisition includes the mining lease, land, contracts and all mining plant and equipment.
 
TerraCom aims to bring the mine back into production as of Q4 of 2016. 
 
TerraCom Limited reported a net loss of $74 million at 31 December 2015.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.