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AQC finalises Dartbrook Mine restart funding package

Published by , Editorial Assistant
World Coal,

Australian Pacific Coal Limited (AQC) has announced that the Dartbrook Joint Venture, comprising AQC and Tetra Resources Pty Ltd (JV), has finalised a 3-year US$60 million debt facility with Vitol Asia Pte Ltd, a leading global energy and commodities company.

The terms of the binding debt facility agreement, first announced on 30 November 2023, were finalised and executed following a substantial period of due diligence. The US$60 million facility will cover forecast restart expenditure at Dartbrook through to first coal, including equipment acquisitions and completion of remediation works, and the acquisition of additional mining systems during ramp-up to achieve full capacity.

Australian Pacific Coal’s Interim CEO, Ms Ayten Saridas, said: “This is a landmark event for Australian Pacific Coal, our shareholders, and the Dartbrook mine. The US$60 million restart funding package we have agreed with Vitol opens the door for Dartbrook to restart production after 18 years in care and maintenance.

“Our ability to secure debt funding for Dartbrook during a period of high inflation and global tension is testament to the quality of the project, the vision, and work ethic of the team of people bringing it back to market, and the commitment of our shareholders.

“We are excited with the potential of the Dartbrook mine and we are focused on bringing it back into production and delivering jobs and economic benefits for the people of the Hunter Valley.

“With the restart funding package committed, we can now accelerate work on site and complete underground works, including the installation of the new conveyor system, refurbish the CHPP and load out facilities, and procure the continuous miners and additional mining equipment.

“Our operations team is currently reviewing the schedule to first coal and we will update the market on project timing in our next quarterly report, due in January 2024.”

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