Australian Pacific Coal JV in receivership after Dartbrook mine funding dries up

A Queensland coal company’s joint venture bid to successfully restart a NSW underground thermal coal mine has collapsed after the operators failed to resolve funding issues.

The joint venture behind the operation of the revived Dartbrook thermal coal mine in the NSW Hunter Valley has gone into receivership after failing to resolve funding issues.

A troubled NSW coal mine that was run by a Brisbane-based Australian Pacific Coal joint venture has plunged into receivership and administration after failing resolve funding issues.

Dartbrook Mine, an underground thermal coal joint venture in the Hunter Valley, had sat empty since 2006 until it was revived at the end of last year.

The operating group of companies of the Dartbrook mine advised last week that there was no further funding from key backer Vitol Asia, a Singapore-based commodities giant which has already plunged $174m into the project.

The Group has appointed Richard Hughes and Timothy Heenan from Deloitte as voluntary administrators of Dartbrook Operations, the subsidiary in which the APC operates the mine through a joint venture with Tetra Resources which is linked to coal executive Brian MacDonald.

In turn, to protect its investment, Vitol Asia has moved in to take control of the business via the appointment of FTI Consulting as receivers and managers and aims to carry the project forward with the mine having about 150,000 tonnes of run-of-mine coal stockpiled.

They reckon that over time the Dartbrook mine will be a resounding success.

Deloitte has been appointed voluntary administrations of Dartbrook Operations.

But back to APC which told the ASX on Friday it has been also served a statutory demand for payment of debt from Matt Latimore’s M Resources Trading for an amount of $1,074,006.85.

That figure relates to a management and advisory fee previously announced on in 2023.

APC says it’s considering its position, options, and validity of the demand.

Based at 371 Queen St, APC listed on the ASX in 1999 has an interesting background.

It was spearheaded by ex-mining magnate Nathan Tinkler when the company purchased Dartbrook Mine from Anglo American a decade ago.

Tinkler later resigned from the company when he was declared bankrupt and only a few years ago bobbed up as part of a takeover bid from a private syndicate.

Needless to say it didn’t happen.

Currently Trepang Services is the major shareholder of APC and the company is run by experienced chairman John Robinson.

We wonder what their next move will be.

Reading helps

QBD Books has been selected as the official books partner for the 2025 MS Readathon.

The 47th MS Readathon, taking place throughout August, and aims to raise vital funds in support of families living with multiple sclerosis and neurological conditions in Australia.

As the official books partner, Richlands headquartered QBD Books will leverage its network of 91 book shops across the country to amplify the reach, participation, and impact of the MS Readathon.

The partnership aims to build on last year’s participation, which saw Australian kids read 198,490 books while raising $1.3m.

QBD Books chief executive Nick Croydon.

QBD Books CEO Nick Croydon (illustrated)says they’re honoured to partner with an organisation doing vital work to support families across Australia affected by MS and neurological conditions,”

“At QBD Books, we believe in the power of stories to inspire, connect, and uplift, as we continue to foster the next generation of booklovers,” he says.

The partnership features two online book fairs held by QBD Books during August, each contributing 15 per cent of sales directly to MS Readathon.

The first fair targets young readers aged 1-7, while the second caters to all ages.

Originally published as Australian Pacific Coal JV in receivership after Dartbrook mine funding dries up