Apr 02, 2020

QCoal moves on Bounty Mining assets

QCoal moves on Bounty Mining assets

QCoal has moved to purchase the business and assets of Bounty Mining, including the Cook Colliery.

The company went into voluntary administration in December after a string of setbacks including rockfalls at the Blackwater district mine in October.

Bounty Mining receivers and managers PWC said they had accepted an offer from QCoal subsidiary Constellation Mining.

The transaction is expected to be finalised next month, subject to approvals regarding the transfer of assets.

Bounty Mining acquired Cook Colliery and other assets from Caledon (in liquidation) and Glencore in December 2017.

It secured a $90 million refinancing deal late last year with QCoal, a shareholder, but was actively seeking at least $35 million more to keep running before its pre-Christmas collapse.

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