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TerraCom Ltd resource upgrade extends coal mine life 2 years

Re-opening the Blair Athol mine will mean 300 jobs for the local Clermont community.
TerraCom Ltd resource upgrade extends coal mine life 2 years
TerraCom shares are trading up 450% year to date.

TerraCom Ltd (ASX:TER) has improved the coal resources at the Blair Athol Project near Clermont in central Queensland.

Total JORC Reserves increased to 13.5 million tonnes coal and total JORC Resources increased to 44 million tonnes coal.

The reserve upgrade enables the mine plan to be extended two years to seven years at 2 million tonnes per annum.

Re-opening the Blair Athol mine will mean 300 jobs for the local Clermont community.

TerraCom has reached an agreement to acquire the Blair Athol Coal Mine subject to certain conditions precedent.

The acquisition includes the mining lease, related licenses, land, active contracts and all mining plant and equipment.

Operations are planned to recommence late in the December quarter 2016.

This acquisition, when completed, represents a significant milestone for TerraCom.

TerraCom has executed a full service mining contract for five years with Link Mining Services Pty Ltd.

A key element of the contract is the provision, through Link Mining, of A$11.6 million.

TerraCom has also secured US$12 million in a separate funding agreement to support the commissioning of the mine.

Shares are trading up 450% year to date.

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TerraCom Timeline

Newswire
May 15 2017
Newswire
February 01 2017
Newswire
June 30 2016
Newswire
February 01 2016

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