Blair Athol sale a done deal
The sale of Blair Athol coal mine to Orion Mining has completed and the new owners are keen to get production up and running this month.
The new owners of Blair Atholwill move quickly to re-mobilise the plant and equipment on-site that was part of the deal, allowing mining operations to commence this month and coal sales to quickly follow.
The current forecast is to produce 1,900,000 tonnes of coal for the first full year of operation.
The company expects more than 600 jobs to be generated in the local and regional communities and will move the corporate office to Clermont to be close to the mine
The purchase includes the mining lease, related licenses, land, site infrastructure, active contracts and all mining plant and equipment, including a dragline.
A spokesperson for TerraCotta said: "The acquisition of the Blair Athol Coal Mine is a significant milestone for TerraCom, bringing the following benefits:
"Progressive rehabilitation of one of Queensland's oldest coal mines.
"The resumption of coal mining and export sales from the Blair Athol Coal mine providing the local, state and federal economies with increased economic activity, employment, royalties and taxation.
"Forecast positive cash flow through a low overhead structure and operational efficiencies."
TerraCom plans to begin rehabilitating over 50 hectares of the site, while bringing the mine back into production. The operation, under TerraCom management, is planned to deliver approx. 2,000,000 tinnes per year, over seven years, and "ongoing progressive rehabilitation".