Bowen raises A$70m to fund Plumtree North development
Australian miner Bowen Coking Coal’s balance sheet received a boost with a A$70-million capital raise to fund its Plumtree North mine development at the Burton mine, in Queensland.
The ASX-listed miner on Friday closed the shortfall bookbuild in relation to its 2.55-for-1 prorata renounceable entitlement offer with one free attaching unlisted option for every two shares subscribed.
“We are grateful for the support of our existing shareholders including Crocodile Capital Funds, Flannery family’s Illwella Group, and importantly over 500 small and mid-sized holders,” commented executive chairperson Nick Jorss.
“We are also very pleased to have the support of our debt holders Taurus and New Hope, who have demonstrated this support by extending payment terms and converting debt into equity. We look forward to welcoming our new shareholders, including Square Marketing, who we will be working closely with to further optimise our coal sales strategy and outcomes,” he said.
Bowen reported that the December quarter had started well with a solid month of coal mining ahead of target in October.
Cost-reduction initiatives were also bearing fruit and the mine plan was being tightly managed to keep average strip rations to 7:1 or below. This has driven mining costs down by more than 50% over the past year.
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