Bathurst Resources is planning to buy thermal coal assets in Southland for $16.8 million.
The company buying New Brighton Collieries from L&M Energy, whose main asset is a coal exploration permit on a site 5km from Bathurst's Takitimu mine in Southland.
Bathurst will pay $1.5 million once the agreement is signed, another $2.5 million when the mining permit is granted and a final payment of $13.25 million when the purchase is complete.
