It has embarked on a clear strategy of diversifying risk, driving cost efficiencies and implementing productivity improvements to strengthen its cash balance, he said.

“And that strategy is working,” he said. “We now have a robust business based on our domestic operations in the South Island which can support the company until such time that we can bring our export coking coal project into full development, which still remains a key focus.

“We were pleased to finish the financial year with a cash positive quarter. While the company

made a net loss after tax of $16.4 million to 30 June 15, this compares with a net loss after

tax of $189.9 million for the period to 30 June 2014.

“We reported a positive cash flow from operations of $1 million in FY15 compared with an operating cash outflow of $16.7 million for the same period last year. And our net debt decreased from $4.7 million at the end of June this year to nil by the end of the September quarter.”

This financial performance is particularly pleasing, particularly given the challenging conditions facing the mining sector today, Kapea said.

“Many of our previous peers are now dealing with financial difficulties or are simply no longer in business, and even some major global coal companies are finding themselves in similar situations,” he said.

“Most importantly, we are proud to have recorded another year with no significant injuries or

environmental incidents reported. This is a result of the continued efforts from board and

management and the whole Bathurst workforce to entrench a culture of safety above all else

across all of our operations.”