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.”
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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.
- KCCG Unveils Coal Rail Maps
- Moreton Delays Release Of EIS
- Protest Group Targets Rail Crossings
- Moreton Says ‘Selective Mining’ Would Extract Cleaner Coal
- Coal Mine Decision ‘By Next Christmas’
- SB Coal Project ‘Well-Advanced’
- Moreton Outlines Plan To Pay Off Tax Debt
- Moreton To Secure Cash Flow
- Taabinga Declared A Coal-Free Community
- Moreton Aims For Coal In 2019
- Moreton ‘Praises’ KCCG Art Project
- Mine Fight Comes Alive With Art
- Moreton Gives Council Coal Mine Update
- Photo Shoot Captures Coal Mine Site
- KCCG Says Moreton Statement Misleading
- Moreton Aims For Rail Corridor
- Moreton Presses On With Mine Plan
- Moreton To Push Ahead With EIS
- Moreton Tax Bill Still In Limbo
- KCCG To Ramp Up Campaign
- Elks’ Role Cut Back Again
- Moreton Appoints Project Manager
- Moreton Starts Mine Approval Process
- KCCG To Make Mine Submission
- Moreton Applies For Mining Licence
- Greens Back Kingaroy Mine Protest
- KCCG Calls For Coal Permit Buyback
- Elks To Resign As Moreton CEO
- Another Step For Moreton Resources
- KCCG Demands Pre-Mining Health Tests
- Crowd Votes Down Mine … Again
- Moreton Faces $8m Tax Bill
- KCCG To Hold Second Anti-Mine Forum
- KCCG Plans Second Forum
- Nannas Take To The Highway
- Kingaroy Coal Mine To Require Federal Approval
- Moreton Looks For Silver Lining
- Between A Rock And Taabinga Village
- Moreton Re-issues Update
- Market Awaits Moreton News
- Moreton Predicts 400-600 Jobs At Mine
- Airport Blocks Cut From Coal Permit
- KCCG Rejects Phone Poll
- Phone Poll Backs Mine: Moreton
- Moreton Takes Mining Plan Out To The People
- KCCG Will Speak To Council
- Nannas Knit Against Mine
- KCCG Meets With State Government
- Coal Mine Fight Spreads
- Moreton Resources Unveils Mine Partner
- Meetings To Discuss Mine
- Moreton Plans To Start Seeking Permits
- Moreton’s Coal ‘Too Expensive’
- Kingaroy Coal Mine? No Way!
- Public Meeting To Discuss Coal Mine
- Stanwell Still Says ‘No’
- Moreton Releases Mine Study Results
- Moreton Resources Eyes Rail Link
- Moreton Buys More Resources
- Mining CEO Talks To Council
- KCCG Sees No Future For Mine
- Green Light For ‘Next Step’
- Moreton Board To Consider ‘Next Step’
- Moreton Resources Splits Off South Burnett Holdings
- Moreton Resources Extends Licence
- Controversial UCG Plant Vanishes
- UCG Plant Starts To Disappear
- Moreton To Begin Mine Concept Study
- Moreton Responds To MP’s Comments
- Moreton Aims To Press On
- Stanwell ‘Rejecting Billions In Savings’
- Stanwell Rules Out Moreton Coal
- ‘Enough Coal For 30-Plus Years’
- Concept Study Next Step For Proposed Coal Mine
- Moreton Triples Coal Estimates
- Coal Mine Review Delayed To July