The Australia and New Zealand-listed company based its unaudited impairment on coking coal price forecasts, production levels from its Escarpment operation and a higher than expected NZ dollar.
“The adjustment is non cash in nature and will have no impact on Bathurst’s ability to continue to operate its business,” Bathurst managing director Hamish Bohannan said.
Bathurst also reported an audited fair value gain of $169 million on Friday.
This was linked to Buller project delays.
“The current mining plan has no production activity scheduled beyond construction phase until international coking coal prices improve,” Bathurst said.
“Subsequently, no royalties or financial obligations linked to shipments of export coal will fall due in the foreseeable future.”
Trading volumes of Bathurst shares did surge on the news on Friday but ended the day unchanged at 5c each on both the New Zealand Exchange and Australian Securities Exchange.
