Bowen Coking Coal Limited announced that it has agreed initial unconditional coal sale contracts with two Tier 1 Asian end users, both of which are multi-billion dollar steel producers (Posco and Formosa), for a fixed volume of 250,000 metric tonnes. 40,000 metric tonnes are scheduled for delivery within Second Quarter 2022 with the remainder evenly spread over H2 2022. Under the contracts, pricing is a combination of index based and fixed price (the latter agreed in accordance with usual market practice) and expected to settle in line with reported ULV PCI pricing over the related period.advanced discussions on casual coal handling agreement with RG quarter have been confirmed as between late May 2022 and mid-June 2022.

Laycans for the balance of the tonnage deliveries will be confirmed in due course.