Australian Pacific Coal (AQC), the owner of Aberdeen's shuttered Dartbrook coal mine, has united three competing parties to form a strategic partnership for the mine's recommissioning.
AQC told the market on Tuesday morning it had entered into a binding agreement with Trepang Services, M Resources and Tetra Resources for a strategic partnership which "aims to see Dartbrook re-commissioned as a coal producing mine as soon as practicable".
In February this year, AQC received an offer from a major shareholder, Trepang Services, to purchase the mine. AQC has received four separate offers relating to the mine's operation since then, two of which involved coal magnate Nathan Tinkler.
Earlier this month Trepang made the "unexpected" move to terminate their bid, as AQC was on the verge of selling. At this time, AQC entered a non-binding agreement for a 50:50 joint venture in the mine with Queensland company M Resources.
Another Queensland-based company, Tetra Resources, and coal management firm, Javelin Private Group then made an offer to AQC which would see Tetra hold a 40 per cent share in Dartbrook. This offer was backed by Trepang who, to progress the deal, said it would agree to a moratorium on the $60 million in debt owing to it and owners John "Foxy" Robinson and Nicholas Paspaley by AQC.
The Strategic Partnership announced Tuesday will see AQC retain a 50 per cent venture in Dartbrook, with Trepang earning a 10 per cent interest - provided it agrees to a range of access, compensation, easement and water rights conditions.
M Resources and Tetra will each earn a 20 per cent direct joint venture in the mine. If the two companies do not achieve a production restart at Dartbrook within 27 months, they will relinquish their joint venture interest and that interest will revert to AQC.
Founder and president of M Resources, Matt Latimore, said the company is "delighted with the agreement".
'We look forward to creating great local relationships at Dartbrook with the Hunter Valley community, and with our stakeholders and partners,' Mr Latimore said.
'In just over a year we have created 150 jobs, mined nearly 600,000 tonnes and exported over 400,000 tonnes of product globally to customers in Asia and Europe."
M Resources is also a sub-underwriter of AQC's $100million entitlement offer for debt repayment and to facilitate Dartbrook's restart.
The partnership is subject to conditions including the success of AQC's entitlement offer and shareholder approval.
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