APC secures funding for Dartbrook buy-out
PERTH (miningweekly.com) – Junior Australian Pacific Coal (APC) has secured A$5-million in funding from cornerstone investor Trepang Services to purchase the remaining 16.67% interest in the Dartbrook joint venture (JV), in New South Wales, from Marubeni Coal.
The ASX-listed company in December of last year signed an agreement with diversified miner Anglo American to acquire a majority interest in the Dartbrook project for up to A$50-million.
The transaction comprised an upfront cash payment of A$25-million and a royalty of A$3/t of future coal production and A$0.25/t of third-party coal processed at the Dartbrook mine.
The deal also comprised royalty payments that were subject to escalation with reference to the Brisbane All Groups Consumer Price Index and capped at A$25-million (in real terms).
APC said on Wednesday that the loan from Trepang Services would have a three-year term and an interest rate of 10% a year, with the provision of the loan subject to the execution of a general security deed over all APC property and the receipt of all required waivers.
The Dartbrook mine is currently under care and maintenance, after ceasing production at the start of 2007.
APC was working to restart underground operations at Dartbrook as soon as possible
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