TerraCom is an Australian-based mining resources company encompassing an impressive portfolio of operating assets and exploration projects within the national coal sectors of Australia and South Africa.
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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.