New Lenton owns a 90% stake in the Lenton joint venture (JV), which holds the Lenton coal project and Burton coal mine in the northern Bowen Basin of Queensland, Australia.
According to the deal signed in 2021, Bowen acquired the Burton coal mine’s 5Mtpa coal handling and processing plant and infrastructure.
Bowen executive chairman Nick Jorss said: “The acquisition of New Lenton marks another important milestone for Bowen as we continue our 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.
“In conjunction with the recent $190m 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.”
Bowen anticipates the deal to materially improve the firm’s scale and diversity of its coal assets portfolio in addition to providing an opportunity to launch a new processing hub in the Burton Complex.
Furthermore, Bowen announced the start of coal shipment from its Bluff Mine near Blackwater, marking a ‘significant achievement’ in its transition to a metallurgical coal producer.
The firm shipped the first batch of around 35,000t of ultra-low volatile pulverised coal injection (ULVPCI) last week to Formosa Plastics Group, under a sales contract.
Bowen managing director and CEO Gerhard Redelinghuys said: “Following the completion of the Burton acquisition, we now have a portfolio of high-quality metallurgical coal developments coming online this year as we ramp up to our production target of 5Mtpa by 2024.
“We are making great progress at Broadmeadow East, the first of the enlarged Burton complex pits, with first coal mining, also expected this quarter.”