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Port Uncle Randolf and Lynda Connell with footballs painted by Angus Row Row Jo-Anne Burke, DB Scaffolding; Susan McGuire, Mayogroup Aboutusgenericimage_3 fifo (L-R)Channing, Cooper Collis, Kynan, Tanya Jeffrey, Jakyah-Lee, Jahli, Jurakai and Kaylee Doyle NAIDOC Dancers mining Trent Johnston – QLD Axemans Association Corey Lund, Mikayla and Jeanine Peckett Under 17 Boys csg mine (L-R)Tyce , Lauren Pingel and Tashia Marshall csg
Port Uncle Randolf and Lynda Connell with footballs painted by Angus Row Row Jo-Anne Burke, DB Scaffolding; Susan McGuire, Mayogroup Aboutusgenericimage_3 fifo (L-R)Channing, Cooper Collis, Kynan, Tanya Jeffrey, Jakyah-Lee, Jahli, Jurakai and Kaylee Doyle NAIDOC Dancers mining Trent Johnston – QLD Axemans Association Corey Lund, Mikayla and Jeanine Peckett Under 17 Boys csg mine

CQ prospector soon to be miner.
WORLD watches to see if Tinkler lightning strikes twice.
Wednesday 03 February 2016  

The future of Australian Pacific Coal (APC) which has exploration tenements around Blair Athol, Middlemount, Blackwater and Hail Creek looks more secure today after two of the company's major shareholders stumped up the cash to finalise the purchase of the Dartbrook coal mine in the Hunter valley.

Nick Paspaley of pearling fame and John “Foxy” Robinson - a Darwin based property developer who started life in Bourke - put up $20 million of the $25 million needed to finalise the acquisition of an 83.3 per cent stake in the mothballed Dartbrook coal mine in NSW’s Hunter Valley.

The story of APC has caught the attention of the wider media because of the involvement of Nathan Tinkler who made his first fortune through some well timed investments north of Middlemount.

Back in September, shares in Australian Pacific Coal took off when Nathan Tinkler and Trepang services - the company owned by the Paspaley and Robinson families - bought 15 per cent of the business. Since then, Mr Tinkler has raised his stake in APC to 40 per cent, and taken over as managing Director and CEO.

APC plans to switch Dartbrook from an underground operation to an open-cut mine, subject to approvals, with a planned mining rate of five million tonnes a year.

Mr Tinkler told media he’s not put off by the depressed commodities prices.

“Thermal coal has been pretty steady over the past six months, moving from about $US50 in September to about $US40 a tonne now,” he said a week ago.

“I’d like to think we’re close to the bottom, but who knows. I know there is a lot more demand for high-quality Australian coal.”

The $20m in funding will attract interest at a rate of 15 per cent a year until it is approved by APC shareholders. The outstanding amount will then convert into new APC shares at 1.5c, a discount of almost 30 per cent to the stock’s current price of $0.02.

In April 2015 - prior to the arrival of its angel investors -  APC announced it had just $300,000 of working capital to proceed with, and in June, its future looked even more bleak following a decision by Rio Tinto not to continue with its JV on the Hillalong tenement adjacent to Hail Creek mine west of Mackay. Rio Tinto spent 12 months drilling the Hillalong resource.

In 2015 APC said its flagship project is its Cooroorah tenement between Curragh and Jellinbah mines near Blackwater. That project has advanced to the mineral development licence stage and has a deposit of around 125 million tonnes of metallurgical and thermal coal.


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