March 12, 2019
Moreton Resources chairman Jason Elks has assumed the role of Company Secretary following the resignation of director Brent Van Staden.
Mr Van Staden was appointed to the Board on February 11.
In a statement to the ASX on Friday, Moreton also announced that Mr Phillip Bryant had been appointed Chief Operating Officer.
“Phil will take day-to-day control and oversight of all the subsidiary companies with a predominate (sic) focus on our coal asset advancement,” the statement said.
Moreton Resources is hoping to build a coal mine on the outskirts of Kingaroy.
The announcement of the management changes accompanied the release of Moreton Resources’ half-yearly financial statement to December 31, 2018.
This showed a loss after income tax of $20.065 million.
As at December 31, there were net cash outflows from operating activities of $3.865 million and a working capital deficiency of $9.8 million.
Since then, Moreton has refinanced its existing loan facilities.
Expenses included the provision of more than $15.5 million for costs linked to the company’s ongoing dispute over Research and Development incentives associated with the former Cougar Energy UCG project at Coolabunia.
Moreton has lodged an appeal in the Federal Court against a decision by the Administrative Appeals Tribunal last September which ruled the activities claimed by Moreton were not research and development, as defined by the 1997 Income Tax Assessment Act.
Moreton Directors told the ASX they were confident of a favourable outcome in this appeal and believed they could acquire additional equity funding if required.
“Whilst significant milestones have been achieved in the last six months, the consolidated entity may be required to raise additional funding during the next 12-month period to continue to develop its tenements as planned so as to fund its Texas mine operations and facilitate the sale of silver concentrate,” the Directors’ report stated.
“Should the consolidated entity be unable to raise additional funds when required there is a material uncertainty which may cast significant doubt as to whether the consolidated entity will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business at amounts stated in the half-year financial report.”
- Moreton Secures $8.5m Debt Funding
- Moreton Defends Cash Flow Query
- Let Moreton’s Licence Expire: KCCG
- Moreton Weighs Up Sale Of Mine
- Elks Sets Date To Quit As CEO
- Moreton Turns $10,000 Into $13.3m
- 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