Bowen Coking Coal (ASX: BCB) has announced it is closing its Burton mine complex and entering voluntary administration following unsuccessful capital raise attempts.
The decision was made following the rejection of the company’s most recent submission to the Queensland Revenue Office (QRO) for the short-term deferral of royalties and the inability to secure fresh capital or negotiate alternative commercial arrangements with creditors.
Bowen’s move reflects the challenging environment the Queensland coal industry is facing with higher costs, lower global coal prices and increased royalty rates introduced in…