Subject to the execution of legal documentation and satisfaction of conditions precedent, including completion of Know Your Client (KYC), due diligence and no material adverse event, the facility will fully fund all remaining forecast restart expenditure through to first coal, including equipment acquisitions and completion of remediation works, and the acquisition of additional mining systems during ramp-up to achieve full capacity.
Australian Pacific Coal’s Interim CEO, Ayten Saridas, said: “After reviewing multiple funding proposals, and working under increasingly difficult global economic conditions, I am very pleased that we have received a credit committee approved offer from Vitol, a leading global energy and commodities company, based on mutually agreed terms.
“For the past 12-months, AQC has been focused on de-risking the Dartbrook project and obtaining a debt funding package that gives Dartbrook the best chance of succeeding and delivers the best outcome for shareholders and stakeholders. The Dartbrook Mine is a Tier 1 asset and this transaction is testament to the quality of the resource.
“Vitol was selected as our preferred funding partner for their ability to provide a comprehensive funding solution that covered all of our restart capex needs. This facility will allow us to complete all remediation and refurbishment works and acquire the critical equipment necessary to restart mining operations and ramp-up to full capacity.
“The loan agreement with Vitol is a significant milestone for AQC and the Dartbrook project. We have revised our schedule to align with the receipt of funding and we anticipate an intensive capital works programme leading up to first coal, targeted in 1Q24. During that period, AQC will be working towards finalising a working capital facility to underpin our commercial operations going forward.”
