The future of more than 1,000 employees, contractors and suppliers at three Queensland mining sites has been secured, according to the premier, after a newly formed company purchased a majority shareholding in Bowen Basin mining company Fitzroy Resources.<\/p>\n
Fitzroy Resources operates Broadlea, Carborough Downs and Ironbark mines near Moranbah in central Queensland.<\/p>\n
Argo Queensland, formed two months ago, has acquired a 70 per cent stake in the company for an undisclosed sum.<\/p>\n
Premier David Crisafulli said the deal was struck during negotiations he led at a recent trade mission to India and Japan.<\/p>\n
In a letter to employees, the company said the sale marked an end to an “extraordinarily challenging” period for staff, contractors and suppliers.<\/p>\n
“Fitzroy has been through a difficult period and we are grateful for the support of our team and stakeholders as we have successfully worked through it,” the letter reads.<\/p>\n
“This transaction will deliver a significantly strengthened balance sheet, which puts Fitzroy in a stable position to manage our financial commitment to you and our contractor partners and suppliers.”<\/p>\n
In a statement, CEO Dan Clifford said the transaction could take up to four months and was a strong vote of confidence in the long-term potential of the mines.<\/p>\n
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