New mining players are circling failed Bowen Coking Coal as sale decision looms
The sale of the company whose collapse heralded the start of a wave of Queensland coal pit closures is drawing nearer, with two more possible buyers emerging.
As decision time approaches on the future of Bowen Coking Coal, there are a couple of new players that have been thrown up as potential buyers.
The failure of the company kicked off the start of a wave of pit closures and job losses across Queensland’s Bowen Basin, with much of the angst focused on the coal royalties scheme.
Receiver and manager FTI Consulting has put the company and its assets on the market but they’re not commenting.
Citybeat hears that new mining consortium Argo Australia which is buying investment firm’s AMCI’s 70 per cent stake in Fitzroy Australia Resources may be in the mix.
Sources says the company’s Carborough Downs underground mine, the Broadlea open cut mine, and the Ironbark No. 1 development are near Bowen Coking’s Burton mine complex which still has about 200 workers toiling away.
Another name thrown up is Sydney-based Boom Advisory, that gives financial and operational advisory services to companies, particularly in the mining and resources sectors.
They have joined Damian Weis’ Cratus Group, a China-based trading and investment house with a diversified portfolio of assets throughout the Asia Pacific region and mining advisory company Talisman, of which Wallaby great Nathan Sharpe is a director, and coal exporter Square Resources in the mix.
Resources revelry
Meanwhile, at a lunch at the convention centre Queensland Resources Council chief executive Janette Hewson put on a happy face saying the sector contributed $115.2bn in the 2025 financial year.
But Hewson says the sector’s total contribution is down from the previous year mainly due to a $7bn fall in coal contributions as a result of lower prices, rising operating costs and the ongoing impact of “the world’s highest royalty rates”.
Did she say royalty rates? The present LNP government has repeatedly blamed the previous Labor administration (and rightfully so) but has done nothing to change or at least soften the blow.
Guest speaker Premier David Crisafulli made no mention of royalties in a rousing speech but says the resources sector and the government do disagree at times.
He says they keep and “eagle eye” on coal prices. “We love the coal industry,” he told the crowd.
Drilling down into the Lawrence Consulting report the coal sector’s total direct spend in the 2025 financial year was $35.8bn, down 10.8 per cent on the $40.1bn recorded in FY24.
Hewson says the latest data has revealed signs that there are more challenges ahead for the coal sector.
“We can see a decrease in direct spending in some key resources regions, and this could be a signal for tougher times ahead in the coal sector,” she says.
Export awards
Queensland companies have won three of the 14 categories and one was highly commended in the 63rd Australian Export Awards on Wednesday night.
Six Zero Pickleball, which was started in a Sunshine Coast family's garage in 2022 won the Emerging Exporter gong and exports to more than 100 countries.
Marquis Macadamias won the Agribusiness, Food and Beverage award as a world-leading integrated macadamia grower, processor and marketer based in Bundaberg and PWR Advanced Cooling Technology won the Manufacturing and Advanced Materials section.
Gold Coast-based Mineral Technologies was highly commended in the Resources and Energy category.
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Originally published as New mining players are circling failed Bowen Coking Coal as sale decision looms
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