Bowen’s transition to an owner-operator model, effective from July 2025, follows the expiry of its mining services agreement with BUMA Australia.
Bowen targets 0.5 million tonnes of run-of-mine (ROM) coal at Ellensfield South and Plumtree North, maintaining a strip ratio below 3:1 (BCM/t). The company reduced its excavator fleets from four to two and paused major waste removal at Plumtree North. Nearly complete, Plumtree North’s development cost A$55 million ($36.1 million).
The shift supports Bowen’s focus on delivering high-quality metallurgical coal despite market challenges. The Platts Australia PLV FOB coking coal price, which peaked at A$195.80 per tonne in May 2025, stabilized at A$177 per tonne in July 2025. Global demand for metallurgical coal dropped 14% year-on-year, while Australian Thermal 5500 NAR coal prices fell 7% to around $67 per tonne in the June quarter.
Bowen remains optimistic about a price rebound post-Indian monsoon and during steel mill restocking. On July 11, 2025, the company reported a cash balance of A$45 million, including A$19 million restricted. Bowen is working with lenders, a major creditor, and the Queensland Revenue Office to secure financial relief.
To strengthen its finances, Bowen appointed advisors to refinance its balance sheet, aiming to support operations and growth. These efforts reflect Bowen’s commitment to navigating market challenges while maintaining its role in the metallurgical coal sector.
