APC working on Dartbrook restart plan
PERTH (miningweekly.com) – ASX-listed Australian Pacific Coal (APC) is working to restart underground operations at the Dartbrook coal mine, in New South Wales, as soon as possible, while securing outstanding financing to fund the acquisition of the mine.
APC in December signed an agreement with diversified miner Anglo American to acquire the majority interest in the Dartbrook joint venture (JV) for up to A$50-million.
APC reported this week that the company was working to secure the necessary funding to complete the acquisition of the Dartbrook JV, including the funding needed to buy out JV partner Marubeni Coal’s 16.67% interest in the project, should this be required.
Financier Trepang Services has provided a nonbinding indication that it would arrange for the provision of the outstanding funding requirements, subject to the two companies agreeing on commercial terms and conditions.
The Dartbrook transaction would comprise an upfront cash payment of A$25-million, as well as the granting of a royalty equal to A$3/t of future coal production and A$0.25/t of third-party coal processed at Dartbrook.
The deal also comprised royalty payments that would be subject to escalation with reference to the Brisbane All Groups Consumer Price Index and capped at A$25-million (in real terms).
In the meantime, APC said it was continuing to plan for the restart of underground operations at Dartbrook, with the company saying it was ensuring that the right personnel would be in place.
In the coming months, APC would conduct a series of community briefings to lay bare its plans for the Dartbrook mine.
The Dartbrook mine is currently under care and maintenance, after ceasing production at the start of 2007.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation