3 May 2011

Bathurst to buy more land for coal mining

1:30 pm on 3 May 2011

Bathurst Resources has entered an agreement to buy three blocks of land with coal mining permits next to its existing Buller coal project.

Bathurst will pay $US12 million and 15 million in shares.

To fund this and other working capital costs, the company wants to raise $A55 million on market, in an institutional placement.

Shares in the company last traded at $1.64 each before being placed on a trading halt.