The Cook Colliery longwall. Photo Contributed
The Cook Colliery longwall. Photo Contributed

Plan to sell or prop up CQ mine after 170 workers sacked

COOK Colliery coal mine near Blackwater could be reopened if plans to pump more money into the operation gain momentum.

Receivers and Managers of Bounty Mining Limited, Ben Campbell and Chris Hill have sought expressions of interest for recapitalisation and/or sale of the business, projects and assets of Bounty and its subsidiaries.

It comes after 170 Central Queensland mine contract workers were left without jobs after Bounty Mining's Cook Colliery entered voluntary administration just days before Christmas 2019.

It is understood up to $55 million was needed to keep the mine afloat heading into 2020.

At the time of the mine's collapse, Mr Campbell and Mr Hill said it was their intention to 'explore all options to sell or restructure the business'.

In an ASX announcement on January 15, Mr Campbell and Mr Hill revealed the latest development.

"All parties registering an interest will be required to sign a confidentiality agreement in order to participate in the process," the pair said in the statement.

"Bounty is an underground coking and thermal coal mine operator and developer, with a portfolio of production, development and exploration assets located in and around the Bowen and Laura Basins in Queensland."

Mr Campbell and Hill encouraged interested parties to register their interest by emailing rohin.muller@pwc.com.



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