Australian Pacific Coal (AQC) and its joint venture (JV) partner Tetra Resources have finalised a $60m (A$91.01m) debt facility with Vitol Asia for resuming operations at the Dartbrook coal mine, which has been in care and maintenance for 18 years.
The move is aimed at covering the forecasted restart expenditure at the mine, including equipment purchases and remediation works.
The debt facility, initially disclosed on 30 November 2023, was executed after an extensive due diligence period.
The facility is designed to support the mine through to its first coal production, encompassing the acquisition of additional mining systems necessary to reach full capacity.
Structured as a loan notes issuance agreement, the $60m facility offers a three-year term, with repayments set to commence following an initial grace period. This period is intended to facilitate the mine’s production start-up without immediate financial pressure.
The JV’s assets and shares, along with an APC parent company guarantee, will serve as senior security for the loan.
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