Mining magnate Nathan Tinkler has renewed his push for Aberdeen's Dartbrook coal mine, as an entity he is associated with made a bid to acquire the mine's owner.
Australian Pacific Coal (AQC) - the owner of Dartbrook - told the market on Thursday it had received "a new non-binding indicative proposal from Pacific Premium Coal Pty Ltd (PPC) (an entity associated with Nathan Tinkler)".
The offer, made on Wednesday, was for the acquisition of AQC at one dollar per share - significantly more than AQC's current trading price of 63 cents.
The previous bid Mr Tinkler was involved in, made on August 22 by Nakevo Pty Ltd, came in at 30 cents a share. The company was trading at around 25 cents when this offer was made.
Last week, AQC announced it had entered a non-binding agreement for a 50:50 joint venture with Queensland company M Resources. This came as AQC were on the verge of selling Dartbook to one of its shareholders, Trepang Services Pty Ltd, before Trepang's "unexpected" termination of the agreement.
AQC are currently in the process of raising $100million from investors, part of which will go to paying off debt owed to Trepang.
As a pre condition, PPC's offer proposes conversion of the Trepang debt into a 40 per cent interest in Dartbrook.
"Should such an agreement not be forthcoming from Trepang, then PPC would repay all outstanding debts to the Trepang Partie," AQC told the market on Thursday.
"Given the non-binding proposal needs the support of Trepang to proceed, either by Trepang agreeing to convert the Trepang Debt or by Trepang agreeing to the debt being repaid by PPC ... AQC requested urgent advice from Trepang as to whether Trepang is willing to support the NBIO and satisfy the pre-condition.
"Trepang has advised the Company that they are seeking advice on the proposal."
Mr Tinkler was first involved with AQC in December 2015 when Dartbrook was acquired from Anglo American for $25 million plus royalties.
Anglo closed Dartbrook in 2006 during a coal price slump and after three mining fatalities in a decade.
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