The Queensland government has hailed a new ownership deal for miner Fitzroy Australia Resources as a major win for Central Queensland, saying it has helped secure the future of about 1,000 jobs across three Bowen Basin coal operations.
Newly created investment vehicle Argo Queensland will acquire a 70 per cent stake in Fitzroy, becoming the controlling shareholder in a transaction the government describes as a “landmark” vote of confidence in the state’s coal industry.
Under the agreement, Argo Queensland will take a majority shareholding in Fitzroy Australia Resources, which operates the Broadlea, Carborough Downs and Ironbark coal mines near Moranbah in Central Queensland’s Bowen Basin.
The stake, set at 70 per cent, gives Argo Queensland control of the privately owned producer, with the remaining interest retained by existing international investors.
The Queensland government allegedly helped broker the deal during Premier David Crisafulli’s recent trade mission to India and Japan, where he met with a consortium of European and Japanese investors backing Argo Queensland.
The transaction value has not been disclosed, but state officials have framed the investment as part of a broader push to attract long-term capital into Central Queensland’s resources sector.
Fitzroy’s three Bowen Basin operations employ a mix of direct staff and contractors whose roles the government says have now been “secured” by the investment.
In a statement, the state said the deal safeguards the future of more than 1,000 workers, contractors and suppliers linked to the Broadlea, Carborough Downs and Ironbark mines.
Carborough Downs is an underground metallurgical coal mine that has been in production since 2006, currently operating at around 2.4 million tonnes per year with nameplate capacity of about 3.5 million tonnes.
Broadlea, a smaller open-cut satellite operation just north of Carborough Downs, has been described as a variable producer of coking coal, with Fitzroy restarting the mine in late 2021 after previous suspensions.
Premier Crisafulli said the agreement demonstrates renewed international confidence in Queensland coal, pointing to strong demand from key export markets in India, China and South-East Asia.
The resources minister highlighted the Bowen Basin’s role in supplying metallurgical coal to steelmakers globally, noting that hundreds of coal-fired power stations under construction worldwide continue to underpin seaborne coal demand.
The government has presented the investment as part of its “open for business” stance on resources, emphasising that the deal will bring new capital into sustaining and potentially expanding production at the three mines.
Fitzroy’s management has told employees the transaction will strengthen the company’s balance sheet and improve its ability to meet obligations to workers, contractors and local suppliers after what it described as a challenging period for the business.
Fitzroy markets its output as high-quality steelmaking coal from the Rangal Coal Measures, used in steel production for infrastructure and renewable energy equipment such as wind turbines and solar installations.
The Bowen Basin remains one of the world’s premier metallurgical coal districts, with long-life reserves and established export infrastructure linking mines to ports including Dalrymple Bay and Hay Point.
Argo Queensland has indicated the transition in ownership could take several months to complete, subject to regulatory and commercial conditions.
Once finalised, the new owners are expected to focus on stabilising operations and delivering further investment in the Broadlea, Carborough Downs and Ironbark mines to support continued employment and regional economic activity in Central Queensland.
