TerraCom (ASX: TER) has appointed Richard Clarke as its permanent chief financial officer and company secretary, effective immediately.

Mr Clarke had filled the roles on an interim basis since May, after joining the Brisbane-based coal miner in October 2025 as head of finance and commercial.

A chartered accountant, he had more than 20 years’ experience in the Australian mining sector.

He had held senior finance and commercial roles at BHP, Rio Tinto, Peabody, Glencore and Bowen Coking Coal.

His background spanned corporate finance, treasury, financial reporting and commercial management across open-cut and underground operations.

Main image: Terrace’s Blair Athol operation

His responsibilities had covered finance and commercial functions across TerraCom’s Australian operations.

He holds a Bachelor of Commerce and a Bachelor of Science from the University of Queensland.

TerraCom said Mr Clarke would lead its financial strategy and governance agenda and join its executive leadership team.

The company said he would work with the board to support its long-term growth and shareholder returns.

Chairman Andy Coles welcomed the appointment.

“The Board is pleased to announce the appointment of Richard as CFO and Company Secretary. Richard has been with TerraCom since October 2025 as the Head of Finance and Commercial, and his experience in the Company will provide valuable support to the business and the Board.”

Tough trading

The appointment came after a weak March quarter, in which TerraCom’s Blair Athol mine in central Queensland sold coal below cost.

The mine achieved an average price of A$117.54 a tonne against free-on-board operating costs of A$148.10, after weather disrupted sales.

The weak quarter coincided with a series of changes to the company’s leadership.

Managing director Danny McCarthy stepped down after quarter end, the previous chief financial officer resigned, and the board was reshaped.

Chris Bourke was appointed interim chief executive and Mr Coles non-executive chairman during the changes.

TerraCom completed a A$60 million entitlement offer during the quarter and declared no dividend.

Thermal coal prices had since strengthened, and the company had guided to a stronger, fully contracted June quarter.

TerraCom said its search for a permanent chief executive was continuing, with Mr Bourke to remain until further notice.

The company mined coal in Australia and South Africa.