Mine & Rail Company Pty Ltd

The MRCo Project is one of the largest undeveloped coking coal projects in Australia and underpins a 190 km dedicated rail project connecting the southern Bowen Basin to the Moura network and onto the Port of Gladstone. The Company is led by an experienced team who have seen the design, development and delivery of first coal from concept to production across 10 mines. This massive coking coal resource is a great discovery of this decade and will join other coking coal assets in their input role as the basis of iron production for steel making in the continuing global industrialisation. Today, the foundation of forming steel depends on iron ore and coking coal as its two main inputs (amongst others such as fluxes). Coking coal (or metallurgical coal) does not currently have a reliable scalable substitute in the industrial process of steel production. Coking coal is used to make coke that is required in the blast furnaces whereby the coke is heated with air to about 1,200 C causing the coke to burn thus releasing carbon monoxide which reacts with the iron ore, as well as the heat, and forces the iron to melt. Coke plays a critical role used to separate the iron from the iron ore as part of the steel process. Finally, the tap hole at the bottom of the blast furnace is opened and molten iron and slag (impurities) are drained off. Without coking coal, industrialisation could not continue as of today at its current pace and structures that we rely on would not be able to be built in our cities. Queensland, Australia is home to some of the highest quality and cleanest (lowest impurities of sulphur, phosphorous, chlorine or fluoride as examples) in the world. Until replacements are feasible and identified that may still take decades to come as science seeks to advance insights in steel manufacturing, coking coal will remain a critical global commodity and MRCo proudly progresses its asset to ensure the world can keep moving until this time comes.