Bowen Coking Coal has announced a successful $3 million capital raising as it fast-tracks the development program for the Broadmeadow East coking coal mine.
The company said the funds would also go towards general working capital purposes, including Isaac River permitting and business development opportunities.
“We are delighted with the support for the (share) placement and welcome a number of new institutional investors to the register,” managing director and chief executive officer Gerhard Redelinghuys said.
“The team are focused on fast-tracking production at Broadmeadow East and advancing the Isaac River asset.
“We have an exciting suite of assets and will consider other complimentary
development opportunities as they arise in our ambition to become a high-quality coking coal producer.”
Bowen Coking Coal completed the acquisition of Broadmeadow East open-cut coking coal project in late September.
It is advancing mine planning and environmental approvals to fast-track open-cut there, in conjunction with the permitting process for Isaac River.
It has developed an accelerated exploration program at Broadmeadow East to test potential extension of the existing 33 million tonne resource and to conduct further coal quality analysis for marketing purposes.
In a quarterly activities report issued today the company noted that several opportunities to acquire Queensland coking coal projects had recently emerged on the back of lower coking coal prices.
It said it was actively conducting business development activities in
line with its strategy to become a coking coal producer.