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TerraCom completes A$1 Blair Athol coal mine purchase; mining to start in June

TerraCom Ltd. subsidiary Orion Mining Pty. Ltd. completed the acquisition of the Blair Athol coal mine in Queensland, Australia.

The company said May 31 that it will remobilize the plant and equipment on site and plans to start mining in June to produce 1.9 million tonnes of coal in the first full year.

TerraCom paid A$1 for the Blair Athol mine, while the Queensland government received A$79.6 million from the Blair Athol coal joint venture to meet the mine's rehabilitation liabilities.

Orion Mining signed a binding sale and purchase agreement to acquire the Blair Athol mine from the Blair Athol coal joint venture in September 2016.