$60m Vitol funding to see Dartbrook restart in new year
The Dartbrook joint venture (JV) has received a credit committee approved offer on terms for a three-year $60-million debt facility from energy and commodities company Vitol Asia, ASX-listed Australian Pacific Coal (AQC) reported on Thursday.
The funding will cover all remaining restart capital expenditure through to first coal and the acquisition of additional mining systems during ramp-up. AQC is still finalising a working capital facility to underpin commercial operations going forward.
“This facility will allow us to complete all remediation and refurbishment works and acquire the critical equipment necessary to restart mining operations and ramp up to full capacity,” said interim CEO Ayten Saridas.
AQC has revised the Dartbrook schedule to align with the receipt of funding and expects first coal in the first quarter of 2024.
Meanwhile, the Dartbrook JV has also entered into a coal sales and marketing agreement with Vitol.
“Thermal coal prices remain robust and we have received numerous inbound inquiries for Dartbrook’s NEWC spec product. We are confident in Vitol’s marketing capabilities and we look forward to working with them as we bring this world class asset back to full operational status,” said Saridas.
“With the project’s critical funding in place, AQC and our JV partner, Tetra, are fully focused on restarting production at Dartbrook in the new year.”
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