Ownership of the Blair Athol coal mine has been successfully transferred by the Queensland Government to TerraCom’s subsidiary, Orion Mining, and is expected to take control of the site this month.
“The approval is great news for TerraCom and even better news for the community of Clermont and the state of Queensland, with – assuming current prices – up to $85 million in taxes and royalties to flow from the re-opened mine operation,” said Orion Mining Chairman and TerraCom Board Member Jim Soorley.
Orion Mining is set to re-launch mining and rehabilitation activities at the mine in June 2017, with more than 600 direct and indirect jobs to be created.
“We plan to recommence mining in June with more than 600 direct and indirect jobs expected to be generated in the local and regional communities. We will move our corporate office to Clermont to be close to the mine and demonstrate that we are serious about our commitment to support the local community,” Mr Soorley said.
TerraCom acquired the Blair Athol coal mine from Rio Tinto for $1, and the acquisition included the mining lease as well as related licenses, land site infrastructure, active contracts and mining plant and equipment.
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Source: Australian Mining and TerraCom