Processing timeline
22
days
Filed
10 Mar 2026
Decision
1 Apr 2026
Acquirer(s)
Argo Bowen 2 Pty Ltd ACN - 695 023 619
Target(s) or Vendor(s)
LENTON MANAGEMENT AND MARKETING PTY LTD ABN - 48 149 524 809, COKING COAL ONE PTY LTD ABN - 89 615 317 907, BOWEN COKING COAL MARKETING PTY LTD ABN - 22 642 022 437, BOWEN COKING COAL LIMITED ABN - 72 064 874 620, New Lenton Coal Pty Ltd ABN - 48 095 390 079
Other parties
Argo QLD Pty Ltd ACN - 690 893 371, Mercuria Argo Investments Pty Ltd 202505079, ECLIPSE MINING 2 PTY LTD ABN - 99 690 880 892, Mercuria Energy Group Limited 202404088, TALISMAN PARTNERS PTY LTD ABN - 31 645 148 796, Argo Bowen Pty Ltd ACN - 695 021 124, Argo Holdings QLD Pty Ltd ACN - 690 887 597, Mercuria Dry Bulk Finance Limited 202505067
Argo Bowen 2 Pty Ltd, a subsidiary of Argo Holdings QLD Pty Ltd, is acquiring 100% of the shares in Bowen Coking Coal Limited and its subsidiaries. This share acquisition, under a Deed of Company Arrangement Proposal, involves a metallurgical and thermal coal producer operating Bowen Basin mines, which recently appointed voluntary administrators.
Argo Bowen 2 Pty Ltd ( Argo Bowen 2 ) proposes to acquire 100% of the shares in Bowen Coking Coal Limited (ASX:BCB) ( BCC ) and certain wholly owned subsidiaries (together, the Bowen Group ) pursuant to a Deed of Company Arrangement Proposal dated 9 February 2026 (the Acquisition ). BCC is a company that focuses on the development, production and sale of metallurgical and thermal coal. BCC appointed voluntary administrators on 30 July 2025. BCC is the indirect majority investor in the Burton-Lenton Joint Venture, which, relevant to the Acquisition, owns: the Burton Mining Complex (also known as the New Burton Mine), which owns the Ellensfield South Mine and Plumtree North Mine; the Broadmeadow East Mine (a satellite pit); a coal handling and processing plant and associated facilities including a train loadout facility, rail loop and haul road. The Bowen Group also owns the Bluff Mine, which is excluded from the Acquisition. The Bowen Group also holds mining licences, exploration tenements and interests in deposits and potential development projects that are undeveloped and in pre-feasibility or exploration stages in the Bowen Basin. Argo Bowen 2 Pty Ltd is a subsidiary of Argo Bowen Pty Ltd. Argo Bowen Pty Ltd is currently wholly owned by Argo Holdings QLD Pty Ltd. Another subsidiary of Argo Holdings QLD Pty Ltd has entered into a contract to acquire a 70% interest in Fitzroy (CQ) Pty Ltd (the Fitzroy Group ), which owns and operates three mines in the Bowen Basin region: Carborough Downs, Ironbark No. 1 mine and Broadlea open cut mine. The Fitzroy Group principally produces metallurgical coal. Argo Holdings QLD Pty Ltd is owned by Mercuria Argo Investments Pty Limited ( Mercuria ) and Eclipse Mining 2 Pty Ltd ( Eclipse ). Mercuria is a subsidiary of Mercuria Energy Group Limited, an energy and commodity trading group, specialising in physical commodities, investing in strategic assets, providing financing and logistics services. Eclipse is a subsidiary of Talisman Partners Pty Ltd. Talisman Partners, through another subsidiary, Eclipse Mining Pty Ltd, provides mine contracting and operations support which focuses on building and operating mines on behalf of mine owners.