Bowen Coking Coal has entered voluntary administration, a move that has heightened concerns regarding the future of the coal industry in Queensland, Australia, and the security of more than 500 jobs at the Burton Mine near Moranbah.
The company had previously sought a royalty deferral from the Queensland Revenue Office, which was rejected on 29 July.
Mark Holland and Shaun Fraser of McGrathNicol Restructuring have been named the voluntary administrators.
“The administration process is expected to provide a window which will allow for a sale or recapitalisation to be completed,” the company said in a stock exchange filing.
Bowen Coking Coal has attributed the introduction of Queensland’s high royalty rates, peaking at…