The silver mine near Texas which has boosted Moreton Resources’ asset register
(Photo: Cygnet Capital)

September 7, 2018

Moreton Resources – the company behind the proposed Kingaroy coal mine – has reported a consolidated profit of $11.3 million for the past 12 months, despite having no revenue-earning operations.

The Directors’ Report notes that Moreton acquired the Granite Belt Silver Project for just $10,003.

The company reports these net assets at $13,330,500 … thus notching up a $13,320,497 gain on the acquisition.

It also earned $58,598 in interest (up from $15,215 in 2017) and $54,985 from the sale of property, plant and equipment.

The report also notes that the company’s dispute with the Australian Taxation Office – linked to the former Cougar Energy UCG project – is still outstanding.

This has been estimated at more than $8 million in a worst-case scenario.

Moreton has also borrowed a total of $8.75 million, due for repayment within 12 months.

“At year-end, the Group’s net assets totalled $28,996,249 which included cash assets of $1,250,695,” the report submitted to the ASX notes.

Cash assets in 2017 were $2.66 million.

The Directors’ Report describes the Tarong Basin Thermal Coal Project (ie. the Kingaroy mine) as a “genuine mid-term prospect … and activities to advance this project are under way.”

* * *

The Moreton Resources’ Board has also announced the appointment of Terry Bourke to the role of CEO, replacing Jason Elks who announced his retirement earlier this year.

Mr Bourke is a former Executive Director and Chief Commercial Officer with MACH Energy, the company behind the Mount Pleasant coal mine near Muswellbrook in NSW.

Mr Elks will work with Mr Bourke during the transition period until November 23.

He will continue in the role of Chairman of Directors, with Mr Bourke reporting directly to him.

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