Queensland miner forced underground by ruling, but still smiling
Brisbane miner Australian Pacific Coal has recapitalised with $100 million and is gearing up to re-open the Dartbrook coal mine despite a ruling from the NSW Government that has driven it underground.
Thoroughbred horse studs were put ahead of open cut coal mining when a Queensland company was forced to operate beneath the surface. (file image).
The NSW Government has announced legislative changes that would mean the company, known by its ASX code AQC, would not be able to operate an open cut mine at Dartbrook.
It was a decision that favoured the surrounding thoroughbred horse businesses over coal.
AQC has asked for a moratorium on the decision but said it would underground mining was its priority.
“The company considers the proposed recommencement of mining at Dartbrook next year provides benefits to employment in the local region and the local economy,” AQC said.
“AQC recently completed a $100 million capitalisation of its balance sheet which provides a pathway for the restart of mining at the Dartbrook project.”
It now has M Resources and Tetra Resources on board to carry the project.
“The joint venture managers plan to restart the mine within the next 12 months in accordance with the … approval for underground mining and the joint venture will invest considerable funds in the Dartbrook project in due course and the company remains focused on realising investment outcomes for all shareholders.”
