Bowen Coking Coal Looking To Complete Broadmeadow East Project Transaction, Reports Progress Across Portfolio

  • Jul 31, 2020 AEST
  • Team Kalkine

During the quarter ended 30 June 2020, Bowen Coking Coal Limited (ASX:BCB) inked binding agreements with Peabody Pty Ltd to acquire the Broadmeadow East coking coal project, and looks forward to completing the transaction as soon as possible and subsequently make efforts to have the project shovel ready at the earliest.

Moreover, Sumitomo Corporation decided to proceed with the Hillalong Joint Venture, resulting in Sumitomo solidifying a 10% interest in the Project.

BCB completed further environmental assessments during the quarter to ensure adequate coverage of the post wet season conditions at Isaac River Coking Coal Project.

During the quarter, BCB also completed a capital raising to raise a total of $2.25 million before costs.

BCB’s cash at bank stood at $2.4 million at the end of the quarter, including $0.5 million from the July Placement and an additional $1.75 million of placement funds were received by 3 July 2020.

 


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