The first shipload of coal from the restarted Millennium mine is on its way to Japan within six months of new owners MetRes taking over the Moranbah site.

MetRes chair Matt Latimore said future cargoes of Millennium coking coal would travel to Europe and India as well as Japan.

“The joint venture of M Resources and Stanmore Resources has been a success story of local capital and know-how maximising the benefit of Queensland resources,” Mr Latimore said.

“A mine which was closed for 18 months and was purchased for $1.25 million, is now shipping metallurgical coal for Japanese steel making.

“When the Millennium purchase was settled premium hard coking coal was at US$100 per tonne.  We are now exporting at prices of US$340 per tonne (free on board).”

MetRes – a joint venture of M Resources and Stanmore Resources – acquired the mothballed Mavis Downs and Millennium site from Peabody Energy in July.

It is investing $464 million to re-start and operate the mining complex – creating more than 230 jobs in the process.

The first exports via Dalrymple Bay Coal Terminal came as the Queensland Government released an update showing that stronger than expected coking coal prices had delivered an extra $2.9 billion in royalties to the State Budget this financial year.