First Cook Colliery coal shipment leaves Gladstone Port
THE first shipment of coal from the recommissioned Cook Colliery mine has sailed out of the Port of Gladstone.
The Blackwater mine was reopened earlier this year by Bounty Mining Limited, which snapped it up along with another coking coal project for $31.5 million in December.
Its previous owner Caledon Coal was liquidated last July after the mine was closed due to flooding four months prior, causing the loss of more than 100 jobs.
Bounty chairman Gary Cochrane said this week's 34,000-tonne shipment was "another significant milestone" in the company's history.
"We look forward to growing exports from Cook, taking full advantage of the underutilised infrastructure we have taken ownership of," he said.
The shipment was sold to global coal marketing and logistics group Xcoal Energy and Resources, who will be re-selling to a customer in China.
Xcoal president Ernie Thrasher said customer interest in the coal coming out of Cook Colliery was "quite remarkable" and the company was looking forward to receiving additional shipments.
The first shipment followed Bounty's initial public offering and listing on the Australian Securities Exchange last week, with shares offered at $0.35 each now sitting at $0.38 as of yesterday afternoon.
Shipments out of Gladstone are expected to become much more frequent over the coming months as the company looks to push Cook Colliery to a 2.2 million-tonne annual production rate.