Dartbook purchase progresses without Tinkler

Australian Pacific Coal continues to work to secure financing for its purchase of the Dartbrook coal mine from Anglo America, despite the recent departure of its big-name CEO.

The company recently appointed a new CEO following the departure of Nathan Tinkler after he was declared bankrupt in March. Individuals that have been declared bankrupt at barred from holding company directorships in Australia.

According to the company, new CEO John Robinson has “progressed in securing the outstanding funding necessary for the completion of the company’s acquisition of the Dartbook Joint Venture.”

Funding requirements include facilities to buy out Anglo American’s joint venture partner, Marubeni Coal, should the Japanese company elect to sell.

The company also said that it was now “actively managing the transition process to enable the smooth handover of the mine”, including planning for the restart of underground mining operations.

Dartbrook is a thermal coal mine located in the Hunter Valley of New South Wales with access to the coal export infrastructure through the port of Newcastle.

Edited by Jonathan Rowland.

Read the article online at: https://www.worldcoal.com/coal/18042016/dartbook-purchase-progresses-without-tinkler-2016-629/