The company recently announced it would put its Bluff mine on care and maintenance and in an investor update today the company revealed it had taken further steps to cut costs including job reductions.

It had also deferred its royalty payments to the State Government “over a 12-month payment plan”.

“Bowen continues to consider other liquidity options available to the company, which include the sale of Isaac River, and equity/strategic investment or partnership,” it said in the investor update.

It had also revised its debt terms in September which included a 12-month deferral of principal loan repayments and extended loan term which it said would be a significant strategic benefit for the company.

The company said its saleable coal production was up 17.1 per cent in the September quarter and the shipping of 526,000 tonnes was a new quarterly record.

It said it generated $11.5 million in operating cash from mining operations in the quarter.

“In addition to operational initiatives, Bowen has taken steps to maintain liquidity and manage cash,” it said.

“The company’s senior and subordinated debt facilities were successfully amended (in the September quarter), deferring principal repayment and extending (the) term.”

Bowen said it was working with service providers to help deploy workers from its Bluff mine elsewhere and to reduce demobilisation costs.

It would keep its infrastructure in place at Bluff to enable a quick restart when prices for its PCI coal improve.

“Suspending operations temporarily was a prudent business decision to mitigate further losses and allow company resources to concentrate on the Burton complex.

“Bluff is a good asset and is capable of generating solid returns in the right pricing environment.”