Australian Pacific Coal (AQC) has extended a strategic review of the Dartbrook coal mine in New South Wales after the company was unable to finalise a board decision on a capital raising.
AQC announced it was working towards a potential capital raising last week.
However, it has not proceeded with the raising due to inability to reach a board agreement.
“AQC advises that its strategic review continues with the aim of considering and assessing all available options for AQC, the Dartbrook project and shareholders,” AQC stated.
AQC has commenced considering all available options for the company, the Dartbrook project and its shareholders this year.
“(It) has currently considered the disposal of non-core mining assets at the Dartbrook project where it has executed contracts for the sale of land and water rights for $3.3 million,” the company stated in January.
AQC announced that month that it would also be appealing the Land and Environment Court’s decision with the Hunter Thoroughbred Breeders Association in opposing Dartbrook’s mine extension
The coal miner has previously clashed with the New South Wales Independent Planning Commission (IPC), who rejected a five-year extension to Dartbrook beyond 2020 in September 2019.
The decision was made on the ground of concerns including air quality, noise, subsidence groundwater and greenhouse gas emissions.
A modification submission by AQC was then blocked by the IPC as the miner aimed towards extending its permitted six million tonnes per annum of coal until December 2027.
Dartbrook has mining leases and coal leases over a total of 3268 hectares and has been placed on care and maintenance since 2007.