Bounty extends loss as Wongai develops

UNDERGROUND coal contractor Bounty Mining had an operating cash outflow of $350,000 in the September quarter compared to an outflow of $160,000 in the previous corresponding period.
Bounty extends loss as Wongai develops Bounty extends loss as Wongai develops Bounty extends loss as Wongai develops Bounty extends loss as Wongai develops Bounty extends loss as Wongai develops

Courtesy Bounty Mining

Lou Caruana

The company invested $50,000 in starting phase two of its Wongai coal project in North Queensland during the quarter.

“Once completed, the Wongai project will provide Bounty with a life of mine operating contract to give predictable long-term positive cashflows,” the company said.

“As the company is in a development phase for the Wongai project, continued negative cash flows are expected.”

Based on the ongoing discussions regarding financing options and commitments already received, the directors said they are confident that Bounty would continue to operate in the near future but longer-term financing was still required to progress Wongai.

topics

loader