Australian Pacific Coal (ASX: $AQC) secures USD60 million funding for Dartbrook mine restart

Australian Pacific Coal Limited (ASX: $AQC) has finalized a 3-year USD60 million debt facility with Vitol Asia Pte Ltd for the Dartbrook mine restart. The funding will cover forecast restart capex at Dartbrook mine through to first coal and the acquisition of additional mining systems during ramp-up.

Executive Commentary on Dartbrook Mine Restart Funding

This is a landmark event for Australian Pacific Coal, our shareholders, and the Dartbrook mine. The USD60 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.

Summary of Dartbrook Mine Restart Funding

Australian Pacific Coal (ASX: $AQC) has successfully secured a 3-year USD60 million debt facility with Vitol Asia Pte Ltd for the Dartbrook mine restart. The funding will cover forecast restart capex at Dartbrook mine through to first coal and the acquisition of additional mining systems during ramp-up. The company's Interim CEO, Ms Ayten Saridas, expressed excitement about the potential of the Dartbrook mine and emphasized the focus on bringing it back into production to deliver jobs and economic benefits for the people of the Hunter Valley. With the restart funding package committed, the company aims to accelerate work on site and complete underground works, including the installation of the new conveyor system, refurbishment of the CHPP and load out facilities, and procurement of continuous miners and additional mining equipment. The company's operations team is reviewing the schedule to first coal and plans to update the market on project timing in the next quarterly report, due in January 2024.