Bowen Coking Coal shares jump 33% on Friday. Here's Why.

2 min read | December 27, 2024 11:28 AM AEDT | By Team Kalkine Media

Bowen Coking Coal shares jump 33% on Friday. Here's Why. — Image source: shutterstock

Performance Highlights

The company’s flagship Burton Mine Complex, located near Moranbah, played a central role in this milestone. The facility, which includes a Coal Handling and Preparation Plant (CHPP) and Train Loadout Facility, dispatched 11 cargoes of product coal during the quarter, with 58% of the volume being premium-grade coking coal.

In addition to record sales, the Burton Mine Complex maintained strong production levels, generating 544Kt of Run-of-Mine (ROM) coal at a strip ratio of 5.9:1 (BCM/ROMt) for the quarter ending November. This production slightly exceeded the company’s targeted ROM production rate of approximately 250Kt per month.

The Ellensfield South Mine contributed significantly to this output, while the Plumtree North Mine and Broadmeadow East Mine added 13Kt and 12Kt of ROM coal, respectively. The CHPP delivered operational efficiencies with a 96% availability rate and 92% utilisation, underscoring its reliability and capacity.

Financial Update

Capital expenditure for the quarter, mainly allocated to the development of the Plumtree North Mine box-cut, aligned with the company’s projected costs of AU$150 per tonne (excluding State royalties), as outlined in the November 2024 Annual General Meeting presentation.

Bowen’s strong operational performance and record sales have also had a positive impact on investor sentiment. During morning trading on 27 December 2024, the company’s share price rose by 33.3%, reaching 0.8 cents per share.

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