Private mining company Argo QLD has acquired a 70 per cent stake in Bowen Basin miner Fitzroy Australia Resources and become the controlling entity.
A recent Queensland trade mission helped broker the deal, set to deliver major new investment into the Broadlea, Carborough Downs and Ironbark coal operations, Premier David Crisafulli said.
Mr Crisafulli said the deal would secure the future of more than 1000 employees, contractors and suppliers at the three Moranbah district sites.
Argo QLD said the acquisition gave it a platform to build a coal mining business of repute within the Australian resources sector.
“Fitzroy is a business we know well, with familiar people, and assets that we believe hold significant strategic and operational value,” director Richard Livingstone-Blevins said.
“On our journey to build a globally relevant coal mining business, we see Queensland’s world-class Bowen Basin as a natural jurisdiction from which to grow.
“With numerous development projects and key infrastructure, Fitzroy provides a foundational platform, strategically located in the Moranbah region.
“We look forward to working with the State Government and our employees, contractors, suppliers and local communities to deliver on the potential of the Fitzroy portfolio.”
Mr Livingstone-Blevins is a partner and director in the Talisman mining services company, a director of Eclipse Mining, and also co-founded Fitzroy Australia Resources.
Argo acquired the 70 per cent Fitzroy stake from AMCI with backing from a combination of domestic and European investors. Itochu owns the remaining 30 per cent.
State Treasurer David Janetzki said the government was fostering a stable and predictable environment to drive investment in Queensland.
“We promised to restore trust and rebuild confidence with our national and international trading partners through a stable taxation and regulatory framework, and that’s exactly what we’re doing,” he said.
“While we inherited challenges from the former Labor Government, we’ve worked tirelessly to secure this investment and the hundreds of jobs that come with it. This is a win for Queenslanders and a win for our economy.”