TerraCom secures $13.5M for Blair Athol mining lease

Company News

by Jessica Amir

TerraCom Limited (ASX:TER) has announced it has secured the $13.5 million required to transfer the mining lease for the Blair Athol coal mine in Central Queensland.

The Mongolian and Queensland miner says the funding will not have a dilutive impact on shareholders. But, the funding should satisfy the conditions for indicative approval to transfer the mining lease, so it can then commence mining and rehabilitation services at the site.

Once completed, TerraCom will be well positioned to capitalize on the strong coking coal and thermal coal markets.

Shares in TerraCom Limited (ASX:TER) last traded 6.5% higher yesterday at 3.3 cents.
 

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.