Almost a year ago the junior shelved its flagship, premium hard coking coal export market-targeting Escarpment project in New Zealand and has been surviving on its small scale domestic market-serving operations in the country since.
Bathurst targeted savings from its executive management layer after it shed two non-executive directors and a joint company secretary in November – reducing the board count to four.
“Having implemented the planned review and, in line with the board reduction, the executive management team is also being reduced by four until such time as the market recovers,” Bathurst said in its December quarterly results.
“This is not expected to have any impact on the company’s operational performance, nor will it have any impact on the company’s commitment and resolve in the areas of health, safety and environment.
“It will however have substantial impact on the overhead costs of the business. The positions affected include the Chief Financial Officer and Chief Operating Officer who will continue in their roles during their notice period ensuring a smooth transition.”
Bathurst ended the December quarter with net operating cash flow of $NZ233,000 ($A217,000) and expects to remain “cashflow positive” for the rest of this financial year.
