Bowen has formed a subsidiary, Capricorn Metals, to handle Bowen's copper, uranium and gold projects. Capricorn aims to raise $2.5 million in capital through an initial public offering on the Australian Securities Exchange.

“Ultimately we are trying to realise the full value of both our coal and non-coal assets and satisfy the market's demand for more value coal stocks to invest in," managing director Kevin Nichol said.

“We hope this divestment makes it easier for investors to recognise the value in our stock and the upside potential we can deliver from our current coal exploration program in the Bowen Basin."

The drilling program at Bowen's Blackwater South coking coal project in the Bowen Basin will be fast-tracked with the contracting of a third drill rig to operate at the site, Nichol said today.

“The third drill rig provides extra flexibility in terms of where and when we can drill, and provides additional impetus to our pursuit of a JORC-compliant reserve at Blackwater South," Nichol said.

“Bowen is now a pure coal company. The divestment of non-coal assets allows Bowen to maintain its focus on coal while ensuring our highly prospective non-coal projects get the attention they deserve."