A newly formed company has purchased a majority shareholding in Bowen Basin mining company Fitzroy Australia Resources in a deal that will secure the future of more than 1,000 employees, contractors and suppliers.
Private mining company Argo QLD acquired a 70 per cent stake in Fitzroy Resources for an undisclosed sum.
Argo will become the controlling entity in the three mines Fitzroy Resources operates – Broadlea, Carborough Downs and Ironbark mines near Moranbah in central Queensland.
The landmark deal between European and Japanese investors was struck following negotiations led by Queensland Premier David Crisafulli during a trade mission to India and Japan.
The Premier said the deal is a major vote of confidence for Queensland’s coal industry.
“This deal means long-term jobs, long-term investment and long-term confidence for the communities that power Queensland’s economy.
“We’re delivering a better lifestyle through a stronger economy, and a fresh start for Queensland’s coal sector.”
Treasurer David Janetzki said the Queensland government is driving investment into the state.
“Our government is committed to restoring investor confidence and creating opportunities for regional communities that depend on a thriving resources sector,” Janetzki said.
Minister for Natural Resources and Mines Dale Last highlighted the importance of the Bowen Basin in meeting global energy demand.
“Queensland’s Bowen Basin produces the world’s best coal and this investment is a vote of confidence in our mining industry and the thousands of hardworking Queenslanders it supports.”
