TerraCom to develop its Qld coal mining leases

TERRACOM will develop its inventory of strategic exploration properties in Northern Queensland that are large scale and are in strategically advantageous position, its newly appointed executive chairman Cameron McRae said in a letter to shareholders.

Lou Caruana

“We believe these tenements are in more strategically advantageous positions than other mega-projects that have struggled to move forward in recent times,” he said.

“These properties have received less attention in 2016 as management have concentrated on the [other] strategic imperatives.”

The re-organisation of the management team accountabilities will allow TerraCom to maintain a dual focus: to “add value to our existing operating base” and become cash-flow positive – and to pursue “realistically achievable and value adding” growth.

The board will review strategic priorities and assess growth proposals and the performance of the management team.

If appropriate McRae will recommend the injection of new blood to the board.

“We will be delivery focussed and ensure the opportunities we pursue will add value to our balance sheet and share price,” McCrae said.

“My long experience covers the full breadth of the mining cycle and my executive focus will be to support the TerraCom teams to grow our business.”