Argo Queensland, a new entity backed by a consortium of European and Japanese investors, has acquired a 70 per cent stake in Fitzroy Australia Resources.
AMCI Group, a privately held investment firm, sold its controlling interest for an undisclosed sum.
The deal, brokered through a Queensland Government trade mission, will breathe new life into three long-term coal mining operations in the Bowen Basin of Central Queensland.
Fitzroy Australia operates the Broadlea, Carborough Downs and Ironbark No 1 mines, and is in the exploration stage of development for the 12 Mile project and several other tenements.
Queensland Premier David Crisafulli said the landmark deal was a vote of confidence in the state’s coal industry,
“Queensland is open for business and ready to partner with those who back our state,” he said. “This deal means long-term jobs, long-term investment and long-term confidence for the communities that power Queensland’s economy.”
Minister for Natural Resources and Mines Dale Last highlighted the importance of the Bowen Basin in meeting global energy demands.
“Queensland’s Bowen Basin produces the world’s best coal and this investment is a vote of confidence in our mining industry and the thousands of hardworking Queenslanders it supports,” he said.
“Since 2000, global coal demand has nearly doubled, with Queensland’s main export markets like India, China and Southeast Asia accounting for half the world’s usage – and with more than 400 coal-fired power stations under construction around the world, there’s no sign of slowing.”
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