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Search begins for new owner of CQ coal mine

Bounty Mining
Bounty Mining

A multinational professional services firm has started the sale process for a struggling underground resources company’s coal mine and infrastructure in Central Queensland.

PricewaterhouseCoopers (PwC) is inviting expressions of interest from anyone who can help invest in Bounty Mining to help reduce debt or buy the proponent and its assets altogether including the Cook Colliery, 195km west of Rockhampton.

“Receivers and managers of Bounty are seeking expressions of interest for the recapitalisation and/or sale of the business, projects and assets of Bounty and its subsidiaries,” PwC partners Ben Campbell and Chris Hill said in a public statement. “All parties registering an interest will be required to sign a confidentiality agreement in order to participate in the process. To register your interest, please email rohin.muller@pwc.com

Roof blamed for collapse

In October a section of the roof caved in at the site, causing work to be interrupted for several weeks while the area was cleaned up and damage assessed. The proponent estimated in November the delay had caused a 23,000 tonnes run of mine (ROM) blow to production for the period, and an indirect 150,000 tonnes ROM loss for the 2020 financial year.

“There will be an adverse impact on the company’s financial position as a consequence,” Bounty said at the time.

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The colliery is widely expected to be sold or restructured.

“We intend to transition the Cook Colliery’s operations into care and maintenance whilst we undertake an urgent assessment of the business and explore all options to sell and/or restructure the business for the future,” Bounty said.

Affected employees are being asked to contact PwC consultant Marcus Bertram by phoning 07 3257 6063 or emailing marcus.bertram@pwc.com

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