A restless NSW coal mine is only a few months after it has been deposited into the recipient and administration after years of non -use.
Dartbrook Mine, an underground thermal coal joint venture in the Hunter Valley, had been emptied since 2006 until the end of last year was revived.
Last month, the owner, ASX-Gente Australian Pacific Coal, did not pay his obligations to a loan of $ 174 million to the most important Backer Vitol, a raw scene giant established in Singapore.
The Australian Pacific Coal has now called up managers from Deloitte and asked for an “immediate” trade suspension on the stock market.
Vitol has since appointed receivers, insolvency company FTI Consulting, to reverse his millions.
The mine had clocked losses of $ 47 million and delivered less than $ 1 million in income in the last half of last year according to the half -year report.
The ABC understands that the mine will continue to work for the time being.
The Australian Pacific Coal refused to comment on the ABC.
The mine is open less than a year before it enters the administration. ((ABC News: Eliza Goetze))
In a statement about the ASX, the Australian Pacific Coal said that his drivers met this morning to assess “the financial uncertainty” of the situation.
They said that the voluntary suspension at the fair will stay in place until Monday, or until they make an announcement, which comes first.
The Australian Pacific Coal said last month after it had given his loan in default that Vitol had “had pronounced his continuous support and dedication to the Dartbrook project”.
They added that Vitol had yielded an extra $ 4.2 million extra since the standard setting in a sign of the continuous support.
Ben Campbell, one of the recipients of FTI Consulting, said that Vitol had appointed receivers to support the “future future” of the Dartbrook-Kolenmine.
“We are planning to continue activities on the spot and to collaborate with relevant stakeholders, while an urgent assessment of options is being carried out,” he said.
‘Shoestring of a budget’
Tim Buckley, from Energy Think Tank Climate Energy Finance, said he has recommended the NSW government not to give the mining organization the authority to continue.
“The company tries to restart a coal mine with an absolute chost ring of a budget and they are clearly in financial need,” he said.
He said that it is as “not a big surprise” that they are in financial difficulty and also noted that they had registered eight injuries in the last six months of 2024.
Three people died in the mine for a period of 12 years among the former owner, Anglo Coal.
Former magnate Nathan Tinkler led 10 years ago by purchasing mine from the Australian Pacific Coal. ((Monkey: Tracey Nearmy))
Controversial coal entrepreneur Nathan Tinkler was previously the Chief Executive of the Australian Pacific Coal and led their successful purchase of Dartbrook -my in 2015.
He resigned a year later when he was declared bankrupt.
Dartbrook Mine has stored around 150,000 tons of run-of-mine coal.
The Joint Venture is mainly owned by the Australian Pacific Coal Limited, but 20 percent of them are owned by Tetra Dartbrook Pty Ltd.
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