A mothballed coal development is expected to resume operations within months.
Australian Pacific Coal (AQC) recently confirmed it would reopen its Dartbrook Coal Project (122km northwest of Newcastle) sometime during the second half of 2023.
“AQC and our joint venture (JV) partners have made good progress on all major critical path activities since the end of December, particularly the remediation operations at the mine site and efforts to secure funding to enable production restart in H2 2023,” interim CEO Ayten Saridas said in a public statement.
The operation has been under care and maintenance since 2006, following multiple workplace accidents and low commodity prices. However, procurement of key mining equipment is already “well advanced” and production is on-track to recommence as soon as up to $120 million in debt finance is secured.
The Coal Handling Processing Plant will be recommissioned, main access Hunter Tunnel dewatered, and ventilation circuit reestablished. This is promised to help reinforce the roof and ribs.
AQC previously struck a deal with resources mogul Nathan Tinkler, M Resources, Evolution Capital, and a JV between Tetra Resources and Javelin Private Capital Group.