Watch the first open cut blast at Millennium

It comes after the mine struck first coal in September, marking the genesis of the new venture for M Resources.

M Resources founder and president Matt Latimore said he was stoked with the result of the opening blast.

“It was a very successful, well-planned blast,” he said.

“We will use an excavator to load the coal, which will be transported by rail to the Dalrymple Bay coal terminal.”

Latimore said the quick turnaround between acquiring the site and the beginning of excavation was a significant achievement for the team.

He also flagged that M Resources would aim for first coal shipment by the end of 2021.

“Our next milestone is first shipment of coal in December. Cargo from the coal mine will be travelling to Europe for delivery in France. The next two cargoes will be going to Japan,” he said.

“There are massive global investments underway in infrastructure and the green energy transition. With construction of wind turbines, solar panels, electric vehicles and electrical grid upgrades, the world needs more steel than ever.”

Latimore is buoyed by the market interest in his company’s product, with numerous countries keen to buy in.

“Our premium quality coking coal for steel making is under high demand from customers in North Asia, India and Europe,” he said.

“We’ve gone from taking possession of the mine in July to shipping quality product to our customers in less than six months.

“The coal price was around $US100 ($135) per tonne when we acquired, and is at $US395 ($528) per tonne today – so clearly demand is extremely strong.”

Millennium Mine is a 50:50 joint venture between M Resources and Stanmore Resources, creating more than 230 jobs.