TerraCom kicks goals but dives into red

Company News

by Jessica Amir

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.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.