Brierty had its $300 million mining contract there suspended last month over safety concerns.
Western Turner Syncline Stage 2 is Brierty’s largest contract.
Rio Tinto was obviously happy with the rectification plan the contractor put in place to address the matters raised in the default notice Rio Tinto issued it with in June.
Brierty plans to restart mining operations at Western Turner Syncline early next week.
Restarting mining will let it draw down an additional $6 million facility it has with BankWest.
Access to that facility was contingent on Brierty returning to work at Western Turner Syncline.
Brierty gained the $6 million as part of a banking facility it signed with BankWest to give it the funds it needs to deliver on its turnaround plan.
“With our main project back on foot and a significantly better working capital position, we can focus on safely and efficiently delivering our existing projects, as well as pursuing additional opportunities to add to our order book,” Brierty chairman Dalton Gooding said.
“Plus, the lower ongoing interest costs associated with our new capital structure will also enhance our cash generation and profitability.”
Brierty told the Australian Securities Exchange last month that its board had continued to closely review the company’s financial position, including cashflow forecasts, during the period since April 19 when trade in its securities was suspended.
Trade in Brierty shares restarted on June 23, the day it announced its BankWest facility.
