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The latest update is out from Australian Pacific Coal ( (AU:AQC) ).
Australian Pacific Coal Limited has announced that its Dartbrook Joint Venture is under receivership, with Vitol Asia Pte Ltd appointing receivers and managers for the secured property. The company holds an 80% interest in the venture, but due to the senior secured debt, it is unlikely to receive any distribution post-receivership. The company has also noted that its working assumption is that there is no value to its interest in the Dartbrook Mine. Financially, the company has drawn significant amounts from its debt facilities, and while it holds cash reserves, the value of its interest in these funds is uncertain. The company remains solvent based on its current cash resources and operational expenses.
More about Australian Pacific Coal
Australian Pacific Coal Limited operates in the coal industry, focusing on the development and management of coal assets. The company primarily engages in coal mining and production, with a significant interest in the Dartbrook Joint Venture.
Average Trading Volume: 2,264,315
Technical Sentiment Signal: Sell
Current Market Cap: A$10.51M
For a thorough assessment of AQC stock, go to TipRanks’ Stock Analysis page.