Bowen Coking Coal has lined up about $76 million in a financing deal to help develop its Burton coal complex in the wake of the Bluff mine restart this month.

The company has signed the papers with Taurus Mining Finance Fund No. 2 L.P. for debt financing to support the company’s capital requirements as it continues the transition to coal producer.

A key focus will be recommissioning the Burton CHPP.

“The new debt facility will provide Bowen Coking Coal with an expedited pathway to develop its northern Bowen Basin coking coal assets including the Burton complex following the successful commencement of mining at Bluff earlier this month,” executive chairman Nick Jorss said.

“The funding to refurbish the CHPP will allow us to unlock significant value at the Burton mine which we are in the process of acquiring for a near-term start-up.

“The centralised CHPP will have total processing capacity of up to 5 million tonne per annum and will provide us with an ideal location to wash coal from our other nearby coking coal projects.

“Taurus has a strong track record of supporting miners in the Bowen Basin and we welcome them as financing partners for Bowen’s exciting projects”.

The company is also in advanced negotiation to finance its share of about $68.4 million required for surety regarding the rehabilitation obligations for Burton mine.

Related: Bowen Coking Coal adds Burton mine to its trove

Bowen Coking Coal late last year announced a binding share sale and purchase agreement with New Hope Corporation for the acquisition of all shares in New Lenton Coal.

New Lenton Coal owns a 90 per cent interest in the Lenton Joint Venture, which holds assets including the mothballed Burton mine and Lenton project.

The deal will set the scene for Bowen Coking Coal’s creation of the Burton Complex (Burton, Lenton and Broadmeadow East).

It is targeting up to 4.5 Mtpa of long‐term Run of Mine production commencing with up to 1Mtpa production through the nearby Fitzroy processing facility in 2022.