What Bathurst Resources does

Bathurst Resources Limited is a New Zealand-domiciled coal producer listed on the ASX (ticker BTU, also BTURF on OTC) and headquartered in Wellington. The company operates a portfolio of five coal mines entirely located in New Zealand: the wholly-owned Takitimu mine and a 65%-owned joint venture (BT Mining, with Talley's Group Limited) covering the Stockton, Rotowaro, and Maramarua operations. Bathurst mines thermal coal primarily for domestic New Zealand industrial process heat customers and sells coking and thermal coal into international export markets.

Underlying technology consists of open-cast mining techniques and underground coal extraction, with the Stockton infrastructure hub on the West Coast serving as the operational center for the Buller Plateau Continuation Project. The company also holds a 23% interest in the Crown Mountain coking coal project and the greenfield Tenas Project, both in British Columbia, Canada, alongside Jameson Resources.

Revenue is generated via transactional coal sales across two streams: domestic New Zealand industrial sales and international export sales through commodity trading channels. Export volumes were affected in FY2026 by infrastructure disruptions including the Tawhai Tunnel closure, requiring trucking workarounds. Q3 FY26 consolidated revenue declined 8% year-over-year to NZD $182 million for the nine months ended March 31, 2026, with quarterly EBITDA of NZD $30 million (down 25% YoY) and an operating loss of NZD $2 million. The South Island domestic segment faces structural weakness as industrial customers shift to alternative energy sources. The company maintains a NZD $141 million cash position with zero debt and has guided to NZD $35–45 million full-year FY2026 EBITDA. CEO Richard Tacon leads the company.

Name

Bathurst Resources

Legal name

Bathurst Resources Limited

Website

https://bathurstresources.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Bathurst Resources is a New Zealand-based coal producer operating five mines (wholly-owned Takitimu and 65%-owned BT Mining JV) that sells thermal coal to domestic industrial customers and coking/thermal coal to export markets, with growth projects in New Zealand and British Columbia.

Ownership category

akta.pro rank

Product category

Coal Mining

NAICS

Coal and Other Mineral and Ore Merchant Wholesalers (42352)

SIC

Bituminous Coal & Lignite Mining (1220), Bituminous Coal & Lignite Surface Mining (1221)

akta.pro primary industry

Metallurgical Coal Mining (Coking/PCI Coal) (IMAKAIAB)

akta.pro secondary industries

Thermal Coal Mining (Steam Coal) (IMAKAIAA), Coal Marketing & Trading (IMAKAIAK), Coal & Petcoke Trading & Marketing (EUAGAAAF), Coal & Metallurgical Coke Marketing & Trading (IMAKAJAH)

Keywords

• Thermal coal mining
• Coking coal production
• Open-cast coal extraction
• Industrial coal supply
• Coal export commodities

Headquarters

HQ city

Wellington

HQ country

New Zealand

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Marketing or Sales, Others

Revenue model

1. Coal Sales - Export: Export sales of thermal and coking coal to international markets, with improved forward coking coal pricing noted in Q2 2026. Revenue declined 8% to NZD $182 million for nine months ended March 31, 2026.
2. Coal Sales - Domestic New Zealand: Domestic coal sales to industrial customers in New Zealand, primarily for process heat applications. Facing structural weakness as industrial customers shift to alternative energy sources. Includes sales from Takitimu mine and BT Mining joint venture operations (Stockton, Rotowaro, Maramarua).

Go-to-market motion1 record

Distribution channels2 records

Marketing channels1 record

Core offering

Bathurst Resources mines, processes, and sells thermal and coking coal from a portfolio of five operating mines in New Zealand, comprising the wholly-owned Takitimu mine and the 65%-owned BT Mining joint venture (Stockton, Rotowaro, and Maramarua). Coal is sold directly to New Zealand industrial customers for process heat applications and exported to international markets through commodity channels. Growth projects include the Buller Plateau Continuation Project in New Zealand and the Tenas and Crown Mountain projects in British Columbia, Canada.

Product overview

Bathurst Resources operates as a coal producer with a portfolio of mining assets entirely located in New Zealand. The company's core operations consist of the wholly-owned Takitimu mine and a 65%-owned joint venture (BT Mining) encompassing the Stockton, Rotowaro, and Maramarua coal operations. Growth initiatives include the Buller Project (Buller Plateaux Continuation Project) tied to Stockton infrastructure, the greenfield Tenas Project in British Columbia, and a 23% interest in Crown Mountain alongside Jameson Resources. The company is advancing these growth projects through New Zealand's Fast Track consenting process and British Columbia's environmental assessment phase.

Differentiator

Problem solved

Functional benefit

Products and services

• Takitimu Mine A wholly-owned coal mining operation producing thermal coal for sale to New Zealand industrial customers.
• BT Mining Joint Venture A 65%-owned joint venture encompassing the Stockton, Rotowaro, and Maramarua coal operations that produce thermal and coking coal for domestic and export markets.
• Stockton Operations A coal mining operation within the BT Mining joint venture, located on New Zealand's West Coast and serving as the established infrastructure hub supporting the Buller Plateau growth project.
• Rotowaro Operations A coal mining operation within the BT Mining joint venture, located in the North Island of New Zealand, producing coal for domestic and export markets.
• Maramarua Operations A coal mining operation within the BT Mining joint venture, located in New Zealand's Waikato region.
• Buller Project A growth project tied to the Stockton infrastructure hub, including the Buller Plateau Continuation Project, advancing through New Zealand's Fast Track consenting process.
• Tenas Project A greenfield coking coal project located in British Columbia, Canada, progressing through the environmental assessment phase to provide a future source of premium coking coal.
• Crown Mountain Interest A 23%-owned interest in the Crown Mountain coking coal project in British Columbia, Canada, providing exposure to Canadian coking coal markets alongside project operator Jameson Resources.

Quantifiable outcome

• Revenue declined 8% to NZD $182 million due to structural weakness in South Island domestic segment and lower export coal prices

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Jameson ResourcescoreStrategic or Co-development Partner23%-owned interest in Crown Mountain coking coal project in British Columbia, Canada. Bathurst Resources holds minority stake alongside project operator Jameson Resources, providing exposure to Canadian coking coal markets and the greenfield Tenas Project.
• Talley's Group LimitedminorOthersBT Mining is a 65%-owned joint venture with Talley's Group. Bathurst Resources is involved in ongoing litigation with Talley's regarding alleged breaches related to the BT Mining joint venture formation. The dispute involves Talley's directing litigation at company directors.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Whitehaven Coal: ASX-listed Australian thermal and coking coal producer with a multi-mine portfolio. Closest direct peer to Bathurst given its similar exposure to both thermal and metallurgical coal, export-driven revenue model, and growth project pipeline.
• New Hope Corporation: ASX-listed coal producer focused on thermal coal with operations in Queensland and New Zealand (via Waikato assets). Direct peer given shared exposure to NZ coal markets and a similar thermal-coal-led revenue model.
• Coronado Global Resources: ASX-listed pure-play metallurgical (coking) coal producer with US and Australian operations. Direct peer for the coking coal portion of Bathurst's portfolio and a useful comparison for the Crown Mountain / Tenas growth pipeline.
• Yancoal Australia: ASX-listed major thermal and coking coal producer with multi-mine portfolio in NSW and Queensland. Direct peer on the thermal coal side and benchmark for export-led coal producers in the Australian/NZ region.
• Stanmore Resources: ASX-listed coking and thermal coal producer with Queensland operations and growth projects. Comparable to Bathurst given its mix of metallurgical and thermal coal exposure and growth-pipeline focus.

Broad incumbents

• BHP Group: Global diversified miner with significant metallurgical coal operations (Daunia, Poitrel, Caval Ridge). Broad incumbent providing a benchmark for coking coal economics and large-scale coal producer capital structures.
• Teck Resources: Canadian diversified miner with significant coking coal operations (Elk Valley). Broad incumbent providing a benchmark for BC-based coking coal projects like Crown Mountain and Tenas.

Emerging players

• Jameson Resources: ASX-listed junior coking coal developer operating the Crown Mountain project alongside Bathurst's 23% interest. Emerging player directly connected to Bathurst through the BC coking coal joint venture.
• Winchester Energy: ASX-listed junior with coking coal exposure in BC, including the Tenas project area. Emerging player comparable on the BC coking coal development side of Bathurst's growth pipeline.

Regional players

• Talley's Group Limited: NZ diversified food and energy group that is Bathurst's JV partner in BT Mining (65% Bathurst / 35% Talley's). Regional player with overlapping exposure to NZ coal assets via the JV structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks4 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bathurst Resources