TerraCom (ASX:TER) has purchased Queensland’s Blair Athol Coal Mine.
The acquisition of Blair Athol Coal Mine is a significant step for TerraCom as it will rehabilitate Queensland’s oldest mines, generating positive cash flow while providing local and federal economies with increased activities and employment.
The acquisition included the mining lease, land, site infrastructure, active contracts and all mining plant and equipment.
The project has begun on time with the operation preparing to deliver 2 million tonnes of coal per annum by the final quarter 2017.
With the recommencement of coal mining at Blair Athol, the mine is on track to deliver first coal sales this month.
Shares in TerraCom (ASX:TER) are trading 4% higher to 2.6 cents.