Good afternoon. Thanks very much. It's terrific to be here. Also call out my colleague, Kieran McColl. He's in the room somewhere. He's the company CFO. It's fantastic to be up here to fly the flag for the much-beleaguered coal industry. I'm the only one here. Yeah. It's funny because it's a fact that last year, the world dug up and consumed more coal than at any time in the history of mankind. When I looked up an update a few weeks ago, it looks like we're heading for another record this year. The end of the coal industry, or the demise, or the dawn, or whatever, the dusk we want to call it, is a load of rubbish, and it really only exists in the heads of people like Chris Bowen and his sycophants. It's just not happening. The world is moving forward.
Many jurisdictions have got wind of it and are growing their coal industries. Bathurst is absolutely delighted to be a part of this. Let me just tell you a little bit about who we are and what we're up to. Just the standard notices and disclaimers are included in the pack. The company, we've been serious developers and producers for 15 years. Right now, there's sort of two segments to the company. We've got four operating mines in New Zealand, and we've got development projects, which I'll talk a bit about in a moment, in New Zealand and in Canada. In the operating mines, 100% owned by Bathurst, the Takitimu mine and the other three. Interesting, we bought those mines off the New Zealand government agency, the Solid Energy company, about eight, nine years ago.
They were running at a loss, a terrible loss, and the companies were in administration. A competitive process was held, and we bought those. It was interesting because the transaction cost at the time was many, many multiples of our market cap. Anyway, those mines now are very profitable, and they certainly underpin our growth prospects, which we are vigorously pursuing. We've got the Buller project in New Zealand. We've got the Tenas project in British Columbia, which are 100% BRL, both of those. We've got the Crown Mountain project in British Columbia, which is managed by Jameson Resources. We have 22%, with an option to take that to 50% at our sole discretion. The operating mines in New Zealand, those three at the bottom there, are in a joint venture with Talley's Group, and we have 65%, and they have 35.
In New Zealand, with two domestic mines in the north, Maramarua and Rotowaro, the Takitimu mine right down the south near Invercargill. Those three domestic mines, they essentially provide product to New Zealand Steel, the Huntly Power Station, and a whole range of industrial users in the industrial segments, like abattoirs, food processors, and milk factories. I guess the jewel in the crown is the Stockton mine on the west coast of the South Island, and that is very much a sought-after product that's been satisfying customers in Southeast Asia for many, many years, and will continue to do so. From a corporate snapshot point of view, it's a very small board of directors, lots of gray hair or no hair. From a capital structure point of view, the interesting point is there's no debt.
We don't have any debt, and we're sitting on a very handsome pile of cash. We're looking to make good use of that. These operations are profitable, have been ever since we took them over from Solid Energy. We turned them around very quickly. The dark blue is the export earnings. The light blue is the domestic earnings. Obviously, the export earnings tracks very closely to the hard coking coal price. The domestic coal certainly provides some level of cushioning and modulation to the volatility. The other thing we have is a very long-standing hedging policy to take out that volatility and provide some certainty to our revenue, our income. Very much, these operating mines are able to underpin our growth path, and we're pursuing those at Buller and Tenas with great vigor. Moving very quickly there. Buller.
The Stockton mine, and you can see that there in the red, is sitting on top of the Buller Plateau. It's about 800 m above sea level. Bathurst owns a number of tenements to the south and southwest of those, and it's those that we are going to develop. It's been made easier. It hasn't been made easy, but it's certainly been made a lot easier with the new government. Following the last election in New Zealand, they introduced the Fast-track Legislation. The New Zealand government, unlike here, are very supportive of mining of all persuasions, very supportive of manufacturing and general industrial and commercial progress. They've introduced this Fast-track process. We are very well-entrenched inside that, and we think that we're on track to come out of that in 2027. The government there is very, very supportive.
The coal that's coming out of the new development, called the Buller Plateaux Continuation Project, is ongoing Better quality than Stockton. Metallurgical steel making coal. The current project scope has got life of mine of about 13 years, but that can easily go way beyond that by changing. There's more tenements there that aren't part of this scope at this point in time. It's a very, very moderate capital requirement, NZD 105 million . Most of that is in the haul road that connects the new developments, the new facilities, new mines to the Stockton mine. They're about 20 km apart. What that enables us to do is to leverage existing infrastructure. We'll use the existing wash plant, the coal handling facilities. There's an aerial ropeway that takes the coal down from the top of the escarpment down to the bottom.
There's a train loading facility, then there's a contract to take the coal via KiwiRail to the Port of Lyttelton on the other side. We won't have to do any of that. That stuff's already there. As a consequence of that, you can see that the financial metrics, the NPV of this project, is very, very appealing. Over time, you can see here, next 10 or 12 years, the Stockton mine, that's the orange production, will slowly diminish and be replaced with coal from the new development called Mount Frederick South and the escarpment. The whole thing will stabilize as it is now, at about 1.2 million ton per annum. This is music to the ears of our customers because they love this coal. It's high-quality coking coal.
It'll be fantastic not only for the West Coast, and people are very, very happy about this, the West Coast of New Zealand, but also for New Zealand economy and commerce generally. We employ, directly, indirectly, hundreds of people. This is a good thing for us and for them. More importantly, also, is the cash flow generation for our investors into the future. You've seen the mines have been profitable ever since we took them over, and that will continue. There's a lot of stuff on this slide is to do with the pathway to production. The main call-out here is we'll get the free Fast-track Approval next year. The DFS is on track for early next year. Early works to commence next year. The project start in 2029, 2028, 2029.
Realistically, we are less than three years away from first coal out of this expansion project, continuation and expansion project. That's very good news for New Zealand and good news for us. The Tenas Project is in British Columbia. I've been there a couple of times. It's about 900 km north of Vancouver, near the town of Telkwa. We bought this asset, the Telkwa Mining Company, three or four years ago. We got stuck straight into it. We put some of our own people into place there to augment the existing team. We updated the old DFS and JORC statement. It's also metallurgical steelmaking coal. It's got a mine life of some 22 years, so it's going to be around for a while.
It's only small, 750,000 tons per annum, but we're already generating lots of excitement from our customers because they all want other people to be able to supply them with their coking coal. It's got very attractive NPV or financial metrics. Interestingly, it's very close, 375 km from Prince Rupert. The rail line goes right past the mine, which is a bit of a very strong advantage. It's moderate capital, NZD 139 million, so not a huge amount. Very attractive metrics. Similar to Buller, it's about a year behind, but the people are very well-entrenched in the permitting process. The First Nations negotiations are very complex, but we're very satisfied with how that is tracking.
We think we're very much on track. We got some very good news about that yesterday from the environmental regulator in British Columbia. We'll put that on our ASX in the next couple of days about how we're going towards this permitting. We're very much on track to achieve this by 2029. We should be selling coal by 2030, so in three and a half, four years' time, which again, it's a great outcome. From an outlook point of view, very profitable operations. We've turned them around. We know how to run mines, and we're doing that very well. That will continue. We know how to develop projects. We've got a lot of experience and know how to do that properly, safely, and effectively. The Buller Project, three years' time. First coal at Tenas Project, 3.5 years' time.
We've also got the Crown Mountain, which I can talk to you about outside. It's also about the same stage as the Tenas Project. We're holding NZD 120-odd million in cash reserves without any debt. That sort of creates a good pathway for us to do these projects. It's obvious we're looking at other things as well. Unfortunately, the attractiveness of doing things in New South Wales and Queensland is not quite there at this moment. We're looking everywhere. Why would you invest in us? We're good managers of resources. Our business makes money. It's a strategic resource. It's a critical mineral. The New Zealand government has declared metallurgical coal a critical mineral, that's very helpful. The supply side of metallurgical coal is continuing to tighten up, that all augurs well for good pricing. We run profitable business. We've got no debt.
The projects we have in mind are not huge consumers of capital, so we shouldn't have any difficulty funding those. As I said a couple of times, we've got good cash reserves. These projects are not going to be around for five minutes. They're all looking 15+, 20+ year life. As I said before, we're looking at a bunch of other things at the same time. We're in good shape. The share price, it doesn't reflect where we should be at. This is a fantastic time to come talk to us and to invest. Kieran and I are outside. Thanks very much for listening and go the coal miners. Thank you.