The company said in an investor presentation that production of high-quality coal from the BBM was imminent and would generate significant cash flows for the company.

"First coal sales in 2022 will capture high coal prices," the company said.

"Domestically, prepayment off-take commitment from PT Summer Global Energy has been received to market 600,000 tonnes of product for 24 months.

"Internationally, an exclusive marketing and off-take agreement with International Commodity Trade Pte Ltd has been secured to provide stockpile financing for all export cargo and marketing in key international markets including Japan, Korea, China, India and Vietnam."

Production from BBM will ramp up to 2 million tonnes per annum. The product split will be 60% coking coal and 40% pulverised coal injection coal.

The coking coal product will be sold with an anticipated 10% discount to the Australian low volatility hard coking coal price while the pulverised coal injection product will be sold at an anticipated 10% premium on LV PCI.

"BBM coking and PCI coal products have attractive attributes," the company said.

"They are low ash, low volatile, low sulphur, high vitrinite and ultra-low phosphorus.

"BBM coking and PCI coal products are expected to be sought after by Asian steelmakers.

"They are rated as prime blending coals and they will benefit from freight advantage versus Australian coals."