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Terracom to extend Australian coal mine life to further ten years

Terracom to extend Australian coal mine life to further ten years
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Fears CQ mine will be abandoned over company s money woes

There are fears a Central Queensland mine will be abandoned if the owner is unable to dig itself out of severe financial trouble . A Debtwire credit report for TerraCom - the owner of Clermont s Blair Athol mine - was produced and dated March 24, 2021. The report was based on the ASX-listed miner s first half-year financial results for the period ending December 31, 2020. It stated the company continued to burn through cash and was only left with $4.1m in cash at the end of December. Debtwire reported TerraCom had a total debt of $249.4m and an EBITDA of -$39.9m in the past 12 months.

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UPDATE 1-Australia securities regulator searches coal miner TerraCom s offices

By Reuters Staff (Recasts with company confirmation, adds TerraCom comment) MELBOURNE, March 30 (Reuters) - Australia’s securities regulator searched the offices of coal miner TerraCom Ltd with assistance from Queensland state police, as part of a probe into the inflation of coal quality for exports, the miner confirmed on Tuesday. Australia is the world’s biggest coal exporter and the probe has raised concerns that the practice of inflating the quality of thermal coal for export markets like Japan, South Korea and China may have been widespread. The probe comes after the regulator confirmed it was investigating testing laboratory ALS, whose internal review last year found that about half the certificates it provided for export coal samples over the past decade had been altered to improve the quality indicated.

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