Bounty Mining (ASX:B2Y) is an underground coking coal mine operator and hard and premium coal project developer with expertise in bord and pillar mining methods. Bounty owns the operating Cook Colliery and coal handling plant, Cook CHPP, in the Bowen Basin in Queensland. Bounty owns additional development assets in Queensland, including the Cook North Project and the Minyango Project in the Bowen Basin, and the Wongai Project in the Laura Basin. Bounty is now an ASX listed company (B2Y) with a market capital of $140 million.
Bounty Mining was incorporated in December 2003 under the name Ausmet Limited. The Company was admitted to the Official List of ASX on 30 April 2004. Between 2005 and 2013, Bounty was an underground mining contractor with a focus on collieries in New South Wales and Queensland.
From September 2013 Bounty has been the sole funding developer of the Wongai Project in far north Queensland in conjunction with a joint venture partner. The Company completed a concept study and pre-feasibility study funded by several capital raising events.
In November 2017, Bounty successfully completed a $17.7 million capital raising to acquire assets relating to the Cook Colliery, Cook North Project, and Minyango Project. The funds raised were also used for working capital to return the Cook Colliery to an operating mine. In June 2018, Bounty completed a further $18m capital raising to list on the ASX, to continue to ramp up operations at the Cook Colliery and further progress the PFS on Cook and Minyango.
Plans & Latest Developments:
Bounty Mining has a pipeline of development opportunities for hard coking coal with its four projects Cook Colliery, Cook North, Minyango and Wongai:
- The Cook Colliery, located 29km south of the township of Blackwater in the Bowen Basin in Queensland, Australia. It produces primarily hard coking coal suitable for export to customers in Japan and China, and some thermal coal suitable for export and domestic customers;
- The Cook North Project, located 3km north of the Cook Colliery. It is a development project which the Company believes is primarily suited to bord and pillar underground mining methods but with the potential for some open cut mining;
- The Minyango Project, located immediately to the south of the township of Blackwater in Queensland, Australia and less than 10km from the Cook CHPP. It is a large greenfield coking coal development project which the Company believes is primarily suited to bord and pillar underground mining methods; and
- The Wongai Project (a joint venture), located in the Laura basin in far north Queensland, Australia. It is an early stage development coking coal project which the Company believes is well suited for bord and pillar mining methods.
Why should investors invest in you?
Bounty’s strategy is to be a hard coking coal producer and exporter. The Company intends to expand operations at its Cook Colliery to four underground mining areas, with the intention of producing approximately 2.2 Mt per annum (on a run of mine basis) by bord and pillar mining methods. In addition, Bounty seeks to leverage the Cook CHPP to develop the Cook North Project and the Minyango Project. Bounty’s projects are expected to produce primarily hard coking coal. Hard coking coal attracts the highest price of the three types due to its higher quality specifications. The Coal Market Expert expects global consumption of hard coking coal to grow from 621 Mt in 2016 to 635 Mt in 2019.
Stock Exchange Listing:
Stage of Development:
Development | Production
Countries of Operation:
Board of Directors:
- Gary Cochrane – Chairman & Chief Executive Officer
- Robert Stewart – Independent Non-Executive Director
- Julie Garland-McLellan – Independent Non-Executive Director
- Kevin Jiao – Independent Non-Executive Director
- Eryl Baron – Company Secretary & Chief Financial Officer
- Adam Foulstone – General Manager & Site Senior Executive, Cook Colliery