Thank you. Okay, end disclosures. If you're not familiar with Bathurst , I'd just like to give a quick overview of our structure. Obviously, Bathurst is an operating coal mining company. We've got four operations in New Zealand, with various ownership structures. Some 100% owned, some owned through a joint venture with a New Zealand family-based company. We own 65% of that joint venture and we are the mine operator. Adjacent to our Stockton operations, we've got the Buller Coal Limited project, which again is 100% owned by Bathurst , and the recently acquired Tenas project, which we've had now for a couple of years, and we'll talk about it as we move further forward. The joint venture with Jameson Resources with the Crown Mountain project in the Elk Valley, again in British Columbia, Canada.
We've got a solid base of existing operations and then backing that up are some longer-term projects that we'll certainly discuss as we go further through. Market capitalization around $190 million at the end of July, and enterprise value of around AUD 35 million . We've got about NZD 170 million too in consolidated funds at the present time. A very experienced board that has been together since 2015, and we are, you know, in a good position to take this company forward. I think, you know, core strategy has been over a large number of years now is to have successful, safe, profitable operations. We've got a combination of operations through the joint venture, which is Stockton, Maramarua, and Rotowaro, and then the 100% owned Takitimu.
Supplying different parts of the markets, we've Takitimu principally supplies processing energy to value add to New Zealand production, Stockton 100% export into the steelmaking business, and Maramarua and Rotowaro principally supplying the only steelmaker in New Zealand. Surrounding each of those, but also introducing some new greenfield and brownfield sites, we've got a number of growth projects that allow us to take the existing tonnage forward, but also increase our overall exports, particularly on the Tenas project, by really 100%. The intention of that strategy is then to start having reliable and repeatable capital returns back to shareholders. What we're doing is really building on the success we've had by taking assets that we purchased back in 2017 through the joint venture. We've proven that we can operate those. We've generated a lot of cash through that business.
We now want to take that business forward, but more on a 100% owned, Bathurst asset. Again, really the same picture. We've got two mines in the North Island. Stockton and Maramarua and Rotowaro, in the middle of the North Island. Stockton's on the West Coast, which is right beside the Buller project, which is part of the development we'll talk about as we move further forward, and Takitimu is right down in the deep S outh. That mainly supplies coal into the South end and the Southern parts of Canterbury. We've got a head office in Wellington, and we've got a sub-office in Christchurch. Just looking at the results, last financial year ending 30th June this year, revenue was down quite considerably from FY24, but still very positive, around $270 million. We generated $44 million EBITDA on a consolidated level out of that revenue.
We've got, as I said, NZD 178 million . These are all in at the end of the financial year. We made a profit of $4.4 million, again, on a consolidated basis. Obviously,` quite a bit down from last year, but still very much at a positive. Looking at each of the sort of main operating areas, starting with export, the key thing here is, I suppose we had nearly six months, anyone that's been following the company, our rail supplier had a tunnel collapse in the part of the supply chain. That really knocked out the first part of our logistics from the mine to a town called Reefton, which was a distance of around about 100 km. That knocked it out for about six months. It happened in late June 2024. We didn't get that operating again on full until early this year, middle of January 2025.
Cost us about $15 million in direct costs. We did get some insurance relief from that. The key thing was that we did have to pull back on a little bit of tonnage. We actually made up nearly all of that tonnage by the end of the financial year, which was, we were down by one boat, 50,000 tons, which slipped into the next financial year. The key, I suppose, for us was we met the requirements of our major customers. We did miss one business development boat, but it wasn't leading contractual coal anyway. As we can see, quite a considerable drop-off in the export pricing as well, which then led to reduced revenue and a reduced EBITDA. Rotowaro, we're in a major cutback phase. We've finished the remaining coal within the Waipuna extension area, which was the project we're working on for the last four years.
We've now moved into the Waipuna West extension, which has got quite a large stripping requirement. We had a 50% increase in the stripping from 2024 to 2025. We did move into some more coal sales, so some of that was offset. We ended up with a larger EBITDA of around $80 to $90 million. We've got the same sort of a burden this year. We'll do about 10 million BCM this year, and then that'll drop right off for the subsequent years. There's a lot of cash tied up now in that cutback, and we'll start seeing that cash flowing through into the business over the next three or four years. Marlborough, similar story. A little bit of sit-down in sales as we've had some of our domestic customers fall out, but we are increasing the amount of coal going into steelmaking from that business.
EBITDA is reasonably consistent, but we did do a 600,000 additional BCM as we're moving into the M1 pit, which we got the resource consent for earlier during the early part of 2025. Takitimu, we're on the wind down here, unfortunately. We're looking to extend into another block, but really the customer base is not there to support it. People are moving away from coal or just moving away from the district altogether. We'll have a good, strong EBITDA year this year. We were down a little bit last year just on decrease in tonnage and a slight increase in the amount of overburden to move. We've got about 12 months' worth of full production, and then we move into a final year of rehabilitation.
In terms of our contribution to New Zealand, which is very important now as we move into this next phase of the business, looking at our Fast-t rack Act application, around 700 employees across most of the operating mines. About $90 million paid to employees. Our payments into the government directly is about $11 million, and obviously, there's also a flow in from the taxes and everything generated from the employees and also from suppliers through normal GST. That's down quite considerably from last year because in the last year, we had some large tax payments that came through from the extraordinary pricing from FY 2022 and 2023. Alcohol safety stats, we've been working really hard. Obviously, if you look at a lost- time injury frequency rate of 4.5, it is high compared to what we'll see with some of our compatriots in Australia and maybe in the U.S. and Canada.
We've come down from an even higher base. A lot of work then going into risk management, a lot of work going into training in particular. We've introduced a learning management system which standardizes it through a database, our record keeping and our common analysis, but also then move into e-learning. We've got a sort of a tale of two sets of operations. Stockton and Rotowaro are two larger operations. We've had a number of injuries through there, but then we've had Takitimu. We've had over 3,000 days lost on the duty-free now, and Maramarua is over 1,500 days lost on the duty-free. We've got to take the learnings from those and then translate them to the two larger mines. Looking ahead, we're looking at a consolidated guidance of around $45 million, a range of $35 million- $45 million.
Principal change there, obviously, the export pricing is quite a way down even on where it was last year in terms of average. We are seeing a drop-off in the increase in the EBITDA generation out of the North Island, and we'll also see an increase in cash generation over the couple of years out of the North Island. We also are incurring additional costs with the closure of Takitimu and Canterbury in the South Island operations. The business has always been profitable. We're obviously highly dependent on the international coal price. The graph here depicts the darker blue as the EBITDA generated on a consolidated basis out of the export business.
Again, FY 2021 was affected by COVID, FY 2020 was affected by COVID, and then we had the large increase in coal price depicted by the red line through the 2022-2023 period, but then the scaling off again into 2024, 2025 to the end of 2026. Pretty much a fixed price sort of business, fixed cost, but any increase in that export cracking coal price, and we will see the business jump up in profitability quite successfully. Just in terms of the curve, we are seeing the curve in mild contango. I think most proponents and most analysts are saying that the supply and demand equation is not really changing. We're not seeing new supply coming into the business, and we're not seeing demand dropping off either though. The pricing is projected to increase well above $200 over the next couple of years.
The key thing for our business now is to consolidate where we are now, but also to bring these new projects on so we can take advantage of that high pricing going further forward. Let's talk about it now. The Buller project is right adjacent to Stockton. The intention here is to use the existing Stockton infrastructure under our control. There is coal still left in the Stockton holdings. The reserves are there for another three years, and then we're planning on bringing in Buller coal and some coal that's sort of held between the two Denniston and the Stockton plateaus to add up to maintaining about 1.1 million tons of export out for another 15- 20 years. The Tenas project is totally greenfield. No other mines in the area. As I said, we've been in there since 2022.
We are working our way towards putting in the final application for environmental certificate through the Environmental Assessment Office, and then we'll move into the permitting phase. That's a real exciting project. You're on 750,000 tons a year for about 20 years. The Buller project's looking to average around 850,000 tons for about 13 or 15 years, which then adds to the remaining coal within Stockton. What that looks like is a graph. The lighter blue is the tons remaining in Stockton. As you can see, after 2029, things start dropping off fairly significantly. The idea there is we'll then replace that tonnage with tonnage from the Denniston and the Mount Fred area. That allows us to maintain about 1.1 million tons well past 2040.
The idea is that we'll utilize existing infrastructure and connect the two plateau areas with a dedicated haul road, utilizing the additional capacity within the Stockton CHPP. As the Stockton reserve drops off, we'll replace those tons with tons from the other development areas. We've obviously already got existing rail and port access, and we've already got an existing customer base. It's exactly the same coal seams, and we'll meet exactly the same market requirements. In the planning for that, we're looking to get the Fast-t rack Act application in sometime later this year. We will then look to be getting that granted later in the next calendar year and FY 2026. We're looking to release a prefeasibility study of that project early in September and then backing that up with the DFS later in the next calendar year.
Really, we've got some early works we can start doing on the access road once we've actually sort of got some certainty around getting accepted into the fast -track. We are already listed with this project in the Fast-t rack Act. We've already met the referral stage. We've now just got to go through and get through completeness and then on to into a panel and then ultimately out the other side. If we can convince the panel that we've got the right conditions to meet any environmental impacts in particular. Obviously, we believe it's going to be economically significant on a regional and/or a national basis. We're looking at a business here that injects about $300 million in revenue into the New Zealand system every year. It's certainly regionally significant, if not nationally significant.
In terms of the fast-t rack, it is a process that was obviously introduced by this present government in December last year, 2024. It really does set out a pathway that has got very fixed timeframes in it. I suppose the most important thing is we make one application and then there's the avenue to get all of the various resource consents, approvals, and permits that we need to go operating, which is really what the new part of it is. It is called fast-t rack, but really it's a one-step, one-stop shop. That's the key to it. The timeframes that are set for both the panel and the main parties within the Act, who we've got to consult with up front, and then who will be required to comment on the project. Also, timeframes on us to actually get those comments back.
It is a very sort of fast in, fast out process. We are now working hard on that application to make sure that we can go through that very time-limited process very quickly. There is avenue at the end of it for judicial review and appeal by anyone that either is a statutory partner to the FTA or who has been invited into the FTA . Again, one of the key things that we're doing up front is making sure that we've consulted with everyone as much as possible, but also that we've addressed as many of the issues that they may have brought up early and that we know are going to be brought up as part of the project in our initial application. As far as possible, we want that to be agreed on.
If we can't agree it, then we clearly state what the range of our disagreement is. To us, this project is sort of in middle B.C. , directly north of Vancouver, about a two-hour flight North, in close proximity to the Ridley coal port, which has got plenty of capacity. We've got a block of land that we own right beside the main railway line. In terms of infrastructure, this project's well set up. As I said, it's completely greenfield. There is another one of the mine in the area. We've got good support locally. We're working through with First Nations groups that have got either interest land or a registered interest.
As part of that, we brought a group of people out, 16 out to New Zealand, to have a look at our existing operations, but also to have interaction with First Nation groups in New Zealand that we deal with on a regular basis, both on the West Coast and also on the North Island. I think we all got a lot of learnings out of that and have built a level of trust that I think is now starting to flow through. We're looking to get that final environmental application in October or November this year. That'll take about six months to get through that process. We will then start working on the permitting. Once we've actually got the environmental certificate, assuming that that flows, we can then start doing some of the other pre-works that we'll require to bring the project into production. There is no infrastructure there.
We've got to build a lot. We are looking to update the PFS over the next couple of months as well to give the market an indication of where we think the capital is going to be and where we think the costs are going to be. We're looking to get the last of the information requests that have come through from the last phase of the EOA process, get that effects assessment started, and then we'll move on to the permanent documents. Once we get through that, we can then start into the actual building of the project, looking at getting into first coal into FY 2028.
What we're ultimately trying to build is a business that will be predominantly 100%- owned Bathurst coal, up to 2.5 million tons a year going into steelmaking, a combination of international steelmaking in the Asian markets that we supply now, so into India, South Korea, Japan, and a small amount into China, and still maintaining through the joint venture a supply of coal into New Zealand's steelmaking business as well. Where we stand today, we've got about $170 million consolidated cash at the end of July. We've got zero debt on our balance sheet, both in terms of the joint venture, but also at Bathurst level. We're anticipating at a Bathurst level generating somewhere between $35 million and $45 million EBITDA again this year, basic backing of $1.75 a share, and we've got a cash backing of about $0.66 a share at the present time.
We've got a good path to the future, but we're also building that path on existing good cash flows. That's really the story of this business. We've got good profitable operations both through the joint venture, but also privately owned, 100% owned. We're to the successful capital raise with sixes up for the next two years at Bathurst level to go through the consenting of both Tenas and the Buller project. We've got good cash reserves within the joint venture. The joint venture is fully funded for any development work, which includes all roads and the mine developments of an area between the Denniston and the Stockton plateau. We've got access to the Fast-t rack. We've got a listed project with the Buller project. We've also got the Rotowaro extension. That extension is waiting on customer support. We've done the environmental work that sits behind it.
We're just now looking to try and secure the hub through some local environmental assessment work so that we can take that project forward if we can get really an MOU or a further confidence around that the customer base is going to want that coal. The Fast-t rack bill was passed, and we've also got metallurgical coal listed as a New Zealand critical mineral because it is a large part of New Zealand's export story, gold and metallurgical coal, which has not been listed on a lot of other critical minerals lists around the world except for Europe. We're progressing the environmental assessment work and the DFS for the Tenas project. Thanks very much for that very quick overview. I think there was one question that came through on the invitation list, which was around recent protester action that went on at Stockton.
The first question was, how much did that cost? It was about $0.5 million in additional trucking and also security. The next question was, did it affect the revenue? No, it didn't. We managed to truck around the affected area. Even at a small rate, it won't affect the shipping plan at all. We're fully stocked, and we're back into full five-day logistics now. We are going to move to seven-day logistics. We've eaten up some of our resilience in that system, so we want to get that resilience back by Christmas. The final question was, are we going to have further action? These opponents have said they will try and disrupt us further into the future, particularly once we get the application in. We are beefing up our security.
We did already have quite significant security, but we've learned from this exercise, and we'll be looking to try and make sure that we don't have another repeat of this incident. Thanks very much for that. Yeah, look forward to updating you further as we move into the exciting next phase with the Fast -track Act application. Thank you and all the best.