Fitzroy Australia Resources CEO Grant Polwarth said the company used new ideas and mining concepts to turn around the troubled Carborough Downs mine and was developing a pipeline of new coal projects in Queensland.
"With Carborough Downs, Fitzroy thought outside the box and challenged industry norms to turn a previously unviable mine into a successful operation," he told the Bowen Basin Mining Club Luncheon in Mackay.
"We have now mined in excess of 2 million tonnes of resource that was never previously contemplated while opening up the northern reserves and creating a 10 plus year future - making the mine both profitable and sustainable."
The Carborough Downs operation has enjoyed a 33% increase in production, alongside a 22% reduction in costs and a 100% increase in JORC reserves in the first year under Fitzroy ownership.
The Fitzroy Australia Resources portfolio includes two operating mines, Carborough Downs and Broadlea, plus some 98,000ha of tenement opportunities and a processing and logistics hub.
Queensland government Resources Investment Commissioner Todd Harrington told the BBMC luncheon that the current influx of Australian and American investment into the Bowen Basin, along with locally experienced management teams had "breathed new life into the Bowen Basin".
"Investors are attracted to our resource capacity, infrastructure and export facilities plus our proximity to Asian markets," he said.
