Australian Pacific Coal (AQC) is to acquire 100% of the Dartbrook Joint Venture (JV) after Marubeni Coal, part of Japanese trading house Marubeni Corp., said it would exercise its ‘tag-along right’ for the sale of its 16.67% interest in the JV. AQC has previously agreed to buy Anglo American’s 83.33% stake in Dartbook.
“The company welcomes Marubeni’s decision to sell its minority interest in the project,” said AQC’s CEO John Robinson. “Holding 100% of what we believe is an outstanding mining asset with existing infrastructure in place will allow the company to expedite its plans to progress the asset for the benefit of shareholders and the local community alike.”
AQC will pay Marubeni AU$5 million in cash as well as a royalty of AUS$0.50 per tonne of total coal sold or otherwise disposed of up to a maximum of AUS$5 million. AQC have also revised the royalty rate agreed with Anglo American from AUS$3 per tonne to AUS$2.5 per tonne.
In late April, AQC announced that it had secured funding from Trepang Services to cover the acquisition of Marubeni’s Dartbook stake, should that be required.
The acquisition of the Dartbook JV remains subject to a number of conditions, including possible Foreign Investment Review Board approval and New South Wales government approval for the change of control of the Dartbook tenements.
The Dartbook coal mine is a thermal coal mine in New South Wales’ Hunter Valley that has been in care and maintenance since 2006. It consists of an underground mine and associated processing infrastructure. Its sale forms part of Anglo American’s stated objective to withdraw from bulk commodity markets to focus on copper, diamond and platinum group metals.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/18052016/aqc-to-acquire-full-control-of-dartbrook-jv-2016-803/