Jun 29, 2018

Cook coal sets sail after mine restart

Cook coal sets sail after mine restart

The first shipment of hard coking coal from Cook Colliery since its recommissioning under new owners Bounty Mining has sailed from the Port of Gladstone.

The 34,000-tonne cargo was sold to privately-owned coal marketing and logistics group Xcoal Energy & Resources, which is also a major shareholder in Bounty, under an existing offtake agreement.

Bounty Mining said shipments would become more frequent over the coming months as it ramped up output from Cook Colliery, south of Blackwater in central Queensland, with the company targeting a 2.2Mtpa production rate.

Bounty acquired the Cook Colliery and Minyango coking coal project for $31.5 million late last year after former owner Caledon Coal was placed into administration.

Bounty chairman Gary Cochrane said farewelling the first shipment of Cook coal was another significant milestone in the company’s history, following on from the successful initial public offering and listing on the Australian Securities Exchange in June.

“We look forward to growing exports from Cook, taking full advantage of the underutilised infrastructure we have taken ownership of and establishing Bounty as a leading Australian producer of hard coking coal,” he said.

 

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