PERTH (miningweekly.com) – ASX-listed Australian Pacific Coal has received a A$33.7-million offer from shareholder Trepang for certain real properties and water rights at its Dartbrook coal mine, in New South Wales.
Australian Pacific in the December quarter of last year launched a strategic review into its asset, including the proposed coal mining operations at Dartbrook and the associated assets, to consider the available options for the project.
The review also considered the disposal of the noncore mining assets at Dartbrook, including land and water rights.
The company told shareholders on Friday that the offer received by Trepang was made on the basis that proceeds would be used to repay debt that Australia Pacific owes to Trepang and its associated.
If the transaction is approved by Australian Pacific shareholders, it would result in the company’s existing debt with Trepang and its associates reducing by some A$32.3-million from the current A$87.9-million.
Should the offer be accepted, there would be no change to the mining authorities held by Australian Pacific, and the company would be allowed to continue to access the sold properties and would continue to operate the Dartbrook coal project and would comply with its regulatory requirements.
The company told shareholders that the board was reviewing the offer, and would put it to shareholders for approval.
The offer is irrevocable and will lapse at the end of June.