Australian Pacific Coal Ltd (AQC) – the company briefly led by former coal billionaire, Nathan Tinkler, before his bankruptcy forced him to resign – has announced a loss of US$ 2.1 million for the six months to 31 December 2015.
The company, which is in the process of acquiring a majority interest in the Dartbrook coal mine from Anglo American, also reported AUS$15.1 million in net assets at the end of the period.
The Dartbrook acquisition includes an AUS$25 million cash payment and a royalty on AQC’s share of coal production set at AUS$3 per tonne up to a maximum of AUS$25 million. The company will also replace about AUS$7.7 million in financial assurances in respect of the Dartbook mining tenements.
AQC has the secured the funding for the acquisition and expects the purchase to be completed in mid-2016 – subject to the satisfaction of the outstanding conditions.
Nathan Tinkler, who made his fortune betting on the Australian coal industry at the height of the boom and who spearheaded the Dartbrook acquisition, resigned as CEO of Australian Pacific Coal in February after being declared bankrupt. Australian regulations prohibit a person who is bankrupt from holding a corporate directorship.
Edited by Jonathan Rowland.