PERTH (miningweekly.com) – ASX-listed Australian Pacific Coal is advancing the sale of its Dartbrook coal project, in New South Wales.
The company in February this year received a binding offer from its major shareholder and creditor Trepang Services to purchase the Dartbrook coal project through the acquisition of Australian Pacific Coal’s wholly owned subsidiaries.
The offer by Trepang will see all debt and accrued interest, valued at A$61-million at the end of December, owed by Australian Pacific to Trepang and its associated being novated, and Australian Pacific being released from all liabilities over the debt owed to Trepang and its associates.
In addition, Australian Pacific will also receive royalty of A$2.50/t of grantor coal extracted from the Dartbrook project where the coal price is either $150/t or less, and an additional A$3.50/t where coal is extracted and sold at prices higher than $150/t but less or equal to $200/t.
If the coal price is higher than $200/t, a A$5/t royalty will apply for each tonne of grantor coal sold.
Australian Pacific on Wednesday said that the parties had now entered into a conditional share sale agreement, which remains subject to a number of conditions, including shareholder and regulatory approvals. The conditions must be satisfied by June 27, unless extended.