BCB inks marketing JV and finance facility term sheet with M Resources
2019-11-22 14:46:16 [Print]
On November 21, Australian-based Bowen Coking Coal Ltd. (BCB) announced that it has executed a non-binding term sheet with M Resources to establish a coal marketing joint venture and a finance facility of up to $15 million.
The 50/50 joint venture is aimed at marketing, promoting and selling all coking coal produced by BCB's existing portfolio.
M Resources will provide the $15 million funding which will be used to develop BCB's Isaac River Coking Coal Project and any other of the company's projects.
Isaac River is located in the Bowen Basin in central Queensland. Following BCB's maiden exploration program in May this year, the Isaac River Resource statement was upgraded from the initial 5.3 million tonnes to 8.7 million tonnes, an increase of over 67 per cent.
M Resources specializes in marketing coking coal and is managed by Matt Latimore. Matt has extensive experience in the coal industry and is a substantial shareholder in Bowen Coking Coal. On completion of the term sheet, Matt will join the BCB Board as a Non-Executive Director.
The companies have 90 days to finalize and sign the term sheet agreement.
The 50/50 joint venture is aimed at marketing, promoting and selling all coking coal produced by BCB's existing portfolio.
M Resources will provide the $15 million funding which will be used to develop BCB's Isaac River Coking Coal Project and any other of the company's projects.
Isaac River is located in the Bowen Basin in central Queensland. Following BCB's maiden exploration program in May this year, the Isaac River Resource statement was upgraded from the initial 5.3 million tonnes to 8.7 million tonnes, an increase of over 67 per cent.
M Resources specializes in marketing coking coal and is managed by Matt Latimore. Matt has extensive experience in the coal industry and is a substantial shareholder in Bowen Coking Coal. On completion of the term sheet, Matt will join the BCB Board as a Non-Executive Director.
The companies have 90 days to finalize and sign the term sheet agreement.
