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The new name for the Australian coal contractor was decided in a shareholder vote at the company’s annual general meeting on November 27 and was announced to the market this morning.

“The name change will introduce a more recognisable branding that is in line with key company activities in full service contract coal mining,” Bounty said in a statement.

“The earlier name was developed to describe a wider range of activities including engineering workshop services and equipment sales.

“This is no longer seen as a driver for the company and is a segment of the industry that is already well serviced by a number of other companies.”

Bounty says it has distinctive strengths in contract coal mining and also wishes to be seen as a key industry service provider in the underground coal mining sector.

“There is significant potential for growth in this sector over the next five years in underground mining and Bounty is well placed as a leader in this sector to take full advantage of this potential,” the company said.

The company’s continuous haulage system implemented at the Aquila bord and pillar mine in Queensland is regularly achieving throughput 20% higher than with shuttle cars.

Bounty is also engaged with gate road development at the Bundoora mine.

Bounty shares remain unchanged so far this morning at 6c.