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TerraCom secures US$72M rehabilitation facility for Blair Athol coal mine

TerraCom Ltd. executed a binding term sheet with an underwriter for a US$72 million rehabilitation bonding facility for its flagship Blair Athol coal mine in Queensland, Australia.

The facility requires a cash backing of US$45 million, which will release US$27 million of restricted cash on the company's balance sheet, according to an Oct. 4 release.

Chairman Wal King said completing the refinancing will allow the board to consider paying a maiden dividend to shareholders.

The economic life of Blair Athol was extended by more than three years, to about eight years, following an increase in the JORC marketable reserves to 23.5 million tonnes in March.