Receivers and managers have been appointed for Bowen Coking Coal and related entities Bowen PCI and New Lenton Coal.

FTI Consulting said Ben Campbell, John Park and Joanne Dunn had been appointed pursuant to security interests in favour of Global Loan Agency Services Australia.

It comes after Burton mine complex owner Bowen Coking Coal called in the administrators on Wednesday, casting uncertainty over the future for a 500-strong workforce.

‘The receivers and managers are working with the administrators regarding the ongoing operations of the companies and the options available for a potential sale and/or recapitalisation process,’ FTI Consulting said in a statement today.

‘It remains the parties’ intentions to continue operations on a business-as-usual basis.’

Related: Bowen Coking Coal enters administration

Mining and Energy Union Queensland District President Mitch Hughes said the union understood the uncertainty that developments at Bowen Coking Coal were creating for local workers, families, and communities.

“While details are still unfolding, we want to assure our members that we are actively monitoring the situation and will provide support and advocacy as needed,” he said.

“Our focus remains on protecting jobs, entitlements, and the well-being of those impacted.”

Mark Holland and Shaun Fraser of McGrathNicol Restructuring are acting as voluntary administrators for a raft of Bowen Coking Coal business entities.

Related: Thoughts with Bowen Coking Coal workers amid uncertainty

The company said its decision to appoint administrators was very disappointing and followed the rejection on Tuesday of the company’s most recent submission to the Queensland Revenue Office for a short-term deferral of royalties.

‘The board’s decision also reflects the current challenging environment for the coal industry in Queensland from higher costs, lower global coal prices and higher royalty rates introduced by the Queensland Government in 2022,’ it said.

The Queensland-based company was suspended from trading on the ASX on July 15 after being hit with a payment demand from its former mining contractor BUMA Australia for almost $15.3 million. BUMA subsequently turned up the heat by issuing a creditor’s statutory demand for more than $6.8 million.

Bowen Coking Coal’s Burton mine complex near Moranbah encompasses the Ellensfield South and Plumtree North mines, a coal handling and preparation plant (CHPP) and train loadout facility. The co-located Lenton and Issac pits are undeveloped open-cut projects.

Bowen’s other assets include the Broadmeadow East mine near Moranbah and the Bluff Mine near Blackwater, which are both under care and maintenance.

The company also holds the Isaac River, Hillalong, Cooroorah, Carborough, and Comet Ridge coking coal development projects and is a joint venture partner in Lilyvale and Mackenzie with Stanmore Resources.

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