At a meeting in Perth Friday, Bathurst’s registered city of origin, the company’s mostly Australian shareholders gave the company the green light to create a New Zealand incorporated company.

Of the 96% of shareholders present, 99% voted in favor of the resolution.

Shares in Bathurst Resources will be moved to the new Bathurst Resources (New Zealand) and the old company will be delisted.

Shareholders will be offered equity, on a one-for-one basis, in the new company.

Bathurst will remain dual-listed but will have its offices in New Zealand.

The move still needs to be ratified by courts in both countries, the NZ Overseas Investment Office and market watchdogs.

The scheme will return for a second hearing in Australian courts on June 19.

When announcing the restructure in April, the company said the restructure would have no impact on the assets, liabilities, management, operations or strategy of the group.

“As we gear up to become one of New Zealand’s largest coal producers, it makes sense to incorporate in New Zealand,” chairman Craig Munro said in April.

Bathurst produced over 200,000 tons of coal last year and is in the final stages of a long, court-involved consenting process for its Escarpment mine on the Denniston Plateau. Escarpment is expected to produce 1Mtpa of hard coking coal.

“We estimate the Escarpment project alone will inject about $1 billion into the New Zealand economy over six years and provide $45 million in royalties and taxes a year,” Munro said.

“We’ve always considered ourselves a New Zealand business, and this would complete that transition.”