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Australian Pacific prepares for Dartbrook takeover

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World Coal,

Australian Pacific Coal has begun arrangements to ensure a smooth takeover of the Dartbrook coal project from current operator, Anglo American. It is also in the final stages of a business case analysis to assess the potential recommencing underground mining operations at the site.

In January, Australian Pacific Coal announced it had agreed terms with Anglo American to buy its stake in the Dartbrook joint venture. This was followed in May by the announcement that Anglo’s joint venture partner, Marubeni Coal, had exercised its right to tag along the sale of its stake in Dartbrook.

Dartbrook has estimated coal resources of 1.2 billion t, including 466 million t of measured resources. Underground mining stopped at Dartbrook in 2007 and the mine has been under care and maintenance since.

Financing for the purchase has been secured from Trepang Services, cornerstone investor in Australian Pacific, in the form of AUS$20 million convertible loans and an AUS$5 million secured interest-bearing loan. Trepang has also provided a non-binding indication that is intends to arrange for the provision of the remaining funding requirements relating to the Dartbrook acquisition.

Trepang is owned by John Robinson and Nick Paspaley. Robinson has also been appointed to the roles of CEO and Managing Director at Australian Pacific, following the departure of Nathan Tinkler last year.

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