In the Australian earlierTerraCom weighs Bowen purchase
Australian listed miner TerraCom is believed to have been running the ruler over its $256m listed rival Bowen Coking Coal, which has launched a strategic review across its portfolio and remains in negotiations with its lenders through Grant Samuel.
TerraCom is worth $409m with the Blair Athol thermal coal project in Clermont, Queensland, while its other Queensland coal mines include Springsure, Clyde Park Coal and the Northern Galilee Project.
In South Africa, it has the Kangala Colliery project and the New Clydesdale Colliery project, along with a number of resource reserves.
Sources have suggested that TerraCom has been considering some sort of combination with Bowen, which has a number of coal mining assets in Queensland’s Bowen Basin.
TerraCom has itself recapitalised in recent years.
Regal Funds and Alex Waislitz’s Thorney Investments are now among its largest investors.
Mr Waislitz incidentally is working on a deal in another sector, media, to buyout View.com.au through View Media Group with partner Antony Catalano from existing shareholders after earlier owning 72 per cent.
Bowen told the market on Monday that it had completed an internal strategic review and had opted to concentrate mining operations on its higher margin deposits, optimising mine plans to utilise commissioned infrastructure that would enable it to preserve capital amid tightened market and pricing conditions.
It said that 183,000 tonnes of coal from the Bluff Mine and the Burton Complex had been shipped in August with a further 81,000 tonnes due for shipping on September 1.
A strategic review of its Bluff mine was nearing completion, and it had been holding talks with its customers, contractors and other key stakeholders about its future.
This was in the context of a decline in the coal price.
It was also working with lenders to extend the maturity of its senior and subordinated debt facilities, including Taurus Mining and New Hope Corp.
The group has been working to sell its Isaac River coking coal development.
At December, it had $61m worth of current liabilities.
Terracom
Bowen Coking Coal remains in talks with its lenders. Picture: iStock.
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