TerraCom Ltd. has secured US$12 million from an international group to fund the commissioning of its recently acquired Blair Athol coal mine in Queensland, Australia.
The company intends to start producing about 2 million tonnes per annum of coal in the fourth quarter and achieve first sales by the end of this year, it said Sept. 29.
TerraCom will initially undertake over 50 hectares of site rehabilitation while bringing the mine back into production.
Drawdowns of the facility will be linked to milestones and cash flow requirements to expedite the commissioning and startup of the mine.
The facility will accrue interest at 9% per annum, with US$3 million repayable over 12 months from the date of commissioning, and US$9 million provided on a rolling basis for five years.