Bowen Coking Coal (BCB) Q2 2025 earnings summary

Executive summary

• Achieved record quarterly coal sales of 544Kt, up 31% sequentially, with $99 million in cash receipts.

• Mining costs reduced 6% year-over-year to $50/ROMt, and strip ratio at Burton Complex lowered to 5.6:1, ahead of plan.

• EBITDA for the Burton Complex reached $29 million, with operating cash flow of $13.9 million for the quarter.

• Successful $70 million equity raise and debt restructuring strengthened the balance sheet.

• CHPP achieved 95% availability and 91% utilisation, supporting strong operational performance.

Financial highlights

• Quarterly FOB cash costs (excl. royalties/inventory) dropped 39% year-over-year to $117/t.

• Average realised coal price was A$205/t, down 5% from prior quarter; coking coal at A$255.5/t, thermal at A$136.4/t.

• Cash and cash equivalents at period end were $54.4 million.

• Net operating cash inflow was $13.9 million, with $99.1 million in receipts from customers.

• Capital expenditure for the quarter was $10.6 million, mainly for Plumtree North box-cut development.

Outlook and guidance

• FY2025 guidance: managed ROM coal mining 2.7–3.0Mt, managed coal sales 1.6–1.9Mt, unit cash costs (FOB, ex-royalty) A$145–165/t.

• Plumtree North mine expected to reach steady-state production by mid-2025.

• Capital expenditure for FY2025 forecast at $65–85 million; YTD capex $26 million, on track.

• Vessel arrivals and sales expected to pick up in Q3 FY2025; weather may impact logistics.