Bowen Backs A Milestone

Wedoany.com Report-Nov 29,   Bowen Coking Coal has mined its first coal at Plumtree North in Queensland ahead of schedule.

The milestone follows the completion of a partially-underwritten $70 million renounceable entitlement offer, providing Bowen with balance sheet flexibility to fund the mine’s development.

Bowen chief executive officer Daryl Edwards said he is proud of the team’s efforts to expedite first coal, a milestone originally slated for the third quarter of the 2024–25 financial year.

“Our thanks go out to the Burton team, mining contractor and other contractors that are involved,” Edwards said.

“We are extremely grateful to all shareholders for supporting us in our efforts to continue with mine development activities at the Plumtree North mine, that is anticipated to provide run of mine coal to the Burton Mine Complex for the next five years.”

As Bowen progresses to the next phase of its transformation plan, it has also made a handful of key board changes.

Executive chairman Nick Jorss will move to the role of non-executive director from the second quarter of 2025, with Square Group co-founder and executive chairman Staffan Ever also being appointed as a non-executive director.

Michael Chapman, the previous chief executive officer at White Energy Company and Felix Resources, has also been appointed to the same role.

“Having achieved steady state production at our flagship Burton Mine Complex near Moranbah, and significantly strengthened the balance sheet, the business is in good shape,” Jorss said.

“I am excited by the opportunities that lie ahead for Bowen and now that we have progressed on our transformation plan, it’s the right time for me, my family, and the business, that I return to a non-executive role and continue to support Daryl (chief executive officer) and the team from the board room.”