Bowen completes New Lenton Coal acquisition
Wednesday, July 6th, 2022
Bowen Coking Coal has completed the acquisition of New Lenton Coal, which currently owns a 90 per cent interest in the Lenton Joint Venture.
The JV, originally announced in August 2021 , represents a transformational acquisition for Bowen. It 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 in Queensland and will have total processing capacity of up to 5 million tonnes per annum.
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.
Bowen executive chairman Nick Jorss said the milestone continued its 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 sulphur,” he said.
“In conjunction with the recent $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.”