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Bathurst hauled to court by L&M Coal over US$40M payment

L&M Coal Holdings Ltd. initiated legal proceedings in the Wellington High Court aiming to force Bathurst Resources Ltd. to make a US$40 million performance related payment under a 2010 sale and purchase agreement, according to a Dec. 23 news release from the latter.

Under the 2010 deal, Bathurst acquired shares from L&M Coal in Buller Coal Ltd., which holds the Buller coal project in New Zealand.

L&M Coal said the US$40 million came due when Bathurst reported that coal production had reached 25,000 tonnes, while Bathurst contended that, for other reasons, the debt had not yet become payable, The New Zealand Herald reported Dec. 22.

Bathurst denies that it is in default and said it "will be vigorously defending the claim."