Expressions of Interest Sought for the Acquisition or Recapitalisation of a Tier-1 Bowen Basin Metallurgical Coal Portfolio

Vitrinite Group of Companies (‘the Group’)

The Group presents an opportunity for strategic investors or industry participants to acquire or recapitalise a Tier 1, Queensland metallurgical coal portfolio strategically located in the world-class Bowen Basin, comprising the Vulcan Mine Complex (‘Vulcan’) and the advanced Callan Coking Coal project (‘Callan’).

On 22 February 2026, Trafigura Pte Ltd (‘Trafigura’), as senior secured creditor of the Vitrinite Group, appointed Richard Tucker and David Johnstone of KordaMentha (‘the Receivers and Managers’) as Joint and Several Receivers and Managers over various entities within the Vitrinite Group.  At the same time, Trafigura appointed Tom Birch and Jeremy Nipps of Cor Cordis (‘the Administrators’) as Voluntary Administrators of those same entities.

The Receivers and Managers are now seeking Expressions of Interest for the acquisition of the assets or recapitalisation of the Group.

About the Opportunity:

The Group’s assets are located in Queensland’s Bowen Basin and comprise:

  • The Vulcan Mine Complex: Located c. 35km south of Moranbah, an open-cut and highwall mining operation currently in care & maintenance; and
  • The Callan Coking Coal project: Located c. 27km east of Dysart, an advanced development project in close proximity to Vulcan and existing infrastructure.

Key Investment Highlights:

Near-Term Restart Platform

  • Owns and operates the Vulcan Mine Complex in Queensland’s world-class Bowen Basin, producing high quality hard coking coal (currently in care & maintenance).
  • Estimated ~20-year mine life supported by JORC Reserves of c. 62Mt and JORC Resources of c. 147Mt.
  • Average production 1.4Mtpa FY23 to H1FY26.
  • Simple operations with limited lead time to recommence mining and low holding costs, with potential to generate holding cashflow while upside opportunities are pursued.
Large-Scale Growth Option
  • Owns the undeveloped Callan Coking Coal project in the Bowen Basin, located proximate to Vulcan and within an established mining precinct.
  • Large-scale JORC Resource of c. 572Mt with potential product ranging from premium low volatile through to hard coking coal.
  • Proximity to existing infrastructure (train loading and rail links) create potential for commercial arrangements to support consolidation and logistics optimisation and/or reduce development costs.
Infrastructure Hub Optionality
  • Existing investigation works have been completed in respect of construction or acquisition of a dedicated CHPP.
  • Potential plans include construction of facilities at Vulcan or acquisition of nearby dormant facilities.

Next steps       

To register your interest, please contact Tristan Stanway at KordaMentha:

T: +61 8 9220 9379
E: [email protected]