BCC has paid $5 million for the mine, plus potential price-linked royalty payments for coal sales above $120 per tonne.
Off‐site work has already begun and mobilisation to site is expected before the end of the year with first coal production from the Bluff Mine planned for Q1 2022.
The company has engaged CMC Group in association with Comiskey Mining Services as contractors to execute an operational readiness program and to prepare the Bluff Mine for coal production.
Bluff has a 13.5 million tonne JORC resource of ultra-low volatile pulverised coal injection coal and is expected to be mined at a rate of 1-1.2 million tonnes per annum run-of-mine over four to six years to supply the global steel industry.
BCC managing director Gerhard Redelinghuys said the acquisition and funding of Bluff were key milestones in the company's journey to becoming Australia's next metallurgical coal producer.
"We look forward to recommissioning and operating the mine in a safe and responsible way to deliver high quality ULVPCI coal to our customers in the steel industry," he said.
"Furthermore, we are delighted with the strong reception we received from the market for our inaugural debt facility and capital raising, which positions Bowen well as it transitions from coal explorer to multi- mine coking coal producer."
BCC said the financing also meant the company had enough cash to start mining at its nearby Broadmeadow East project, pending final environmental approval.
That approval is expected before the end of 2021.
Broadmeadow East forms the first planned pit of the expanded Burton complex and will initially be processed through the infrastructure sharing agreement with Fitzroy while refurbishment of the Burton coal handling and preparation plant is undertaken.
Discussions with end users have begun for the Bluff ULVPCI product following significant interest in recent weeks.
The marketing of the Bluff product coal will be performed by the company's 50:50 Marketing Joint Venture with M Resources, a specialist metallurgical coal trading company.
