$60m Vitol funding to see Dartbrook restart in new year
The Dartbrook joint venture (JV) has received a credit committee approved offer on terms for a three-year $60-million debt facility from energy and commodities company Vitol Asia, ASX-listed Australian Pacific Coal (AQC) reported on Thursday.
The funding will cover all remaining restart capital expenditure through to first coal and the acquisition of additional mining systems during ramp-up. AQC is still finalising a working capital facility to underpin commercial operations going forward.
“This facility will allow us to complete all remediation and refurbishment works and acquire the critical equipment necessary to restart mining operations and ramp up to full capacity,” said interim CEO Ayten Saridas.
AQC has revised the Dartbrook schedule to align with the receipt of funding and expects first coal in the first quarter of 2024.
Meanwhile, the Dartbrook JV has also entered into a coal sales and marketing agreement with Vitol.
“Thermal coal prices remain robust and we have received numerous inbound inquiries for Dartbrook’s NEWC spec product. We are confident in Vitol’s marketing capabilities and we look forward to working with them as we bring this world class asset back to full operational status,” said Saridas.
“With the project’s critical funding in place, AQC and our JV partner, Tetra, are fully focused on restarting production at Dartbrook in the new year.”
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation