By: Mariaan Webb
Creamer Media Senior Deputy Editor Online
The joint venture (JV) partners in the Dartbrook coal mine have secured an enhanced funding package, ensuring the project is now fully funded, Australian Pacific Coal (AQC) announced on Tuesday.
AQC, alongside JV partner Tetra Dartbrook, reached an agreement with marketing agent Vitol Asia to increase the existing senior debt facility from $60-million to $90-million, on similar terms. This provides an additional $30-million for working capital.
AQC MD and CEO Ayten Saridas described Vitol’s decision to upsize the debt facility as a “huge vote of confidence” in the Dartbrook project.
The senior debt facility is contingent on securing a A$20-million junior debt facility, with AQC committed to funding 50% of this amount.
AQC has also launched a A$20-million equity raising, which includes an institutional placement of up to A$9.6-million and a fully underwritten 1-for-6.16 pro-rata accelerated non-renounceable entitlement offer to raise A$10.4-million.
With this funding package, the Dartbrook project is expected to be fully financed through to commercial production and ramp-up, currently slated for the end of the year.
Located in New South Wales’ Hunter Valley, the Dartbrook mine produced coal last month for the first time since entering care and maintenance 18 years ago. On September 4, coal from the Kayuga seam was delivered to surface for stockpiling.
Edited by Creamer Media Reporter
Source: https://www.miningweekly.com/article/dartbrook-coal-project-fully-funded-2024-10-02
