Bathurst loses appeal against US$40m performance payment

Fri, 24 Apr 2020

Bathurst Resources has lost its appeal against a US$40 million performance payment on coal production from its mothballed Buller operations. The company, New Zealand’s biggest coal miner, said it’s reviewing its legal options after the Court of Appeal confirmed the 2018 decision of the High Court in favour of L&M Coal Holdings. The company’s shares fell 15 percent to 6.2 cents on the ASX, taking their loss so far this year to 44 percent. Wellington-headquartered Bathurst told investors on March 6 it had a good case but it would be able...

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