BUMA claims on Bowen Coking Coal total $29.3m
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The news: Bowen Coking Coal has received a total of $29.3 million of claims from mining services company BUMA and owes the Queensland Revenue Office $14.4 million, the coal miner announced to the exchange even as it achieved record operating cashflow.
The numbers: Total claims from BUMA equate to $29.3 million. This includes a $15.3 million claim for May 2025, $11.3 million for June and $2.7 million for labour force redundancies following contract expiration on 30 June 2025.
Liquidated damages of $7.7 million have been applied by Bowen against the May claim, although this is in dispute. Bowen said it “is not in a position to fully pay the amounts claimed by BUMA”.
Bowen also owes the Queensland Revenue Office royalty payments of $6.1 million for the June quarter, as well as historical payments totalling $8.3 million.
Bowen is seeking to defer the $14.4 million in payments to November 2025, but an initial request has already been rejected.
As at 28 July, Bowen had $37.7 million in cash and cash equivalents, including $19.4 million in restricted cash for rehabilitation and infrastructure guarantees. Bowen said that all creditors have been paid in accordance with payment terms apart from BUMA.
The coal miner said it achieved a record operating cash flow of $19.1 million in the June quarter and achieved all FY25 market guidance metrics for run-of-mine coal mined, coal sales, costs and capital expenditure despite heavy rainfall.
The context: McGrathNicol is assisting with refinancing initiatives to recapitalise the business, which is currently unable to source additional funding from existing investors. The company remains suspended from quotation.
Bowen received a statutory creditor's demand from BUMA in mid-July.
