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Golden Energy and Resources Ltd (GEAR), an international energy and resources company, has announced its full year results for the financial year ended 31 December 2020 (FY20).
Fuganto Widjaja, Executive Chairman of GEAR, said: “FY20 was a transformational year for GEAR, characterised by corporate actions which enabled the group to further diversify into metallurgical coal and gold. The strategic increase in stake of Stanmore Coal and acquisition of Ravenswood Gold evolved out of rational forecasts of long-term business prospects and their valuations in recent times when we had opportunities to invest. Last year was a turning point as we rode the peaks and troughs of the markets, realising investment gains and securing other strategic investments which put us in good stead for the long term.”
Anglo to stick with coal despite losses, safety woes
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Anglo American chief executive Mark Cutifani has vowed to persist with Australian coking coal despite a string of safety incidents at the company’s local mines and big losses amid China’s ban.
Anglo’s Queensland coking coal mines lost $US177 million ($229.6 million) in the second half of 2020, and that result contributed to cumulative losses across the Australian coal sector of more than $2.1 billion during a dire six months.
Anglo American boss Mark Cutifani hopes to restart the Moranbah North mine in less than a month after another safety incident.
Bowen Coking Coal (ASX:BCB) and the advantages of coking coal
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The merits of coal mining have long been discussed, but attention is now turning to the different types of coal on the market
Specifically, astute investors are beginning to understand that coking coal isn t easily replaced and remains essential to the steelmaking business
One of the ASX-listers taking advantage of the in-demand commodity is Bowen Coking Coal (BCB), which owns world-class assets in Queensland s Bowen Basin
The company s Broadmeadow East Coking Coal Project is advancing towards shovel-ready status, with a resource estimate of 33 million tonnes already declared
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Subscriber only A proposed mine tipped to strengthen regional Queensland s economy in the wake of the coronavirus pandemic has reached a crucial next stage. Stanmore Coal announced during its latest quarterly update the amended Environmental Impact Statement for the Isaac Downs project had been finalised. The Department of Environment and Science is now preparing the assessment report. Stanmore Coal estimates mining approvals will be finalised by mid-2021, with construction to start in the second half of the year. The $90 million Isaac Downs open-cut mine is expected to support 250 construction jobs and 300 operational jobs. The project is being developed as a satellite operation for the Isaac Plains Complex and will produce 2.5 million tonnes per annum of primarily coking coal.
“2020 has been a tough year for many people and organisations in our community,” he said.
“We are committed to supporting local initiatives and programs and hope that these grants can help make a real difference.
“Stanmore is proud to contribute to organisations across the Central Queensland region both through the Isaac Plains Community Grant Program and through key partnerships with community groups.
“We look forward to receiving another round of strong applications and giving local schools, clubs and groups a new year gift to continue the activities that mean so much to their communities.”
Online applications for round one community grants close on January 31, 2021.