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Bathurst Resources moves closer to coal market with Port Taranaki Limited deal

Last updated: 03:00 30 Jan 2012 GMT, First published: 02:00 30 Jan 2012 GMT

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Bathurst Resources (ASX: BTU) has signed a Deed of Ground Lease with Port Taranaki Limited, marking an important milestone for the Buller Coal Project in New Zealand in further securing a route to market.

Under the agreement, Bathurst will construct a covered storage shed in an area designated to accept incoming coal from the Port of Westport.

The storage area is located adjacent to a deep water berth providing convenience for discharging and loading of vessels and is large enough to allow for future expansion as new projects come on stream.

In late November, Bathurst announced its first export shipment of coal from the Buller Project bound for the Port of Taranaki.

The shipment was discharged at the port pending a bulk shipment to the final customer in Asia.

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