Earlier this week, Bowen Energy Limited announced that the two companies had signed a memorandum of understanding aimed at creating a strategic partnership to secure Bhushan Steel's long term supply of quality Australian coal for its expanding steelmaking operations across Asia.
Under the terms of the agreement, Bhushan will invest in the Australian coal industry and gain access to local technical and management expertise, through Bowen Energy. In return, Bowen Energy will gain access to a substantial source of financing for the development of Australian coal projects.