Bowen Coking Coal Ltd has completed the acquisition of 100% of the shares in New Lenton Coal Pty Ltd, which currently owns a 90% interest in the Lenton joint venture (JV) (the transaction).
The transaction, originally announced in August 2021, represents a transformational acquisition for Bowen. The Lenton JV features the Burton Mine and Lenton Project, as well as the existing Burton plant and infrastructure, which is strategically located in close proximity to existing Bowen assets and will have total processing capacity of up to 5 million tpy.
The transaction materially enhances the scale and diversity of Bowen’s portfolio of coal assets and provides the company with a unique opportunity to establish a new processing hub in the Burton Complex. The company has already completed the refurbishment of the kitchen and first rooms of the accommodation village, being a critical asset to support the refurbishing crews and mining contractors to reduce long travel times from existing accommodation facilities in the region. Long lead items have been ordered and project teams assembled for the refurbishment of the coal handling and processing plant.
Nick Jorss, Executive Chairman, said: “The acquisition of New Lenton marks another important milestone for Bowen as we continue our emergence as the next significant mining company in the Bowen Basin.
“The Burton mine has a proven track record and has produced a coking coal brand that is known for its high quality, low ash and low sulfur.
“In conjunction with the recent AUS$190 million financing announcement, we look forward to bringing the Burton brand back to the seaborne market as we play our part in supplying this critical mineral into the steel industry.”
Read the article online at: https://www.worldcoal.com/coal/01072022/bowen-coking-coal-completes-acquisition-of-burton-mine/