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An update from Australian Pacific Coal ( (AU:AQC) ) is now available.
Australian Pacific Coal has advised that, following the appointment of voluntary administrators and receivers to the Dartbrook Mine operator and related entities, as well as receivers to all assets of the Dartbrook Mine, it now assumes there is no value in its interest in the project due to the scale of the senior secured debt. While the company had provided a parent company guarantee over the Dartbrook Joint Venture’s secured facility, secured creditor Vitol Asia Pte Ltd has indicated it does not currently intend to call on that guarantee, and the board maintains that the company remains solvent, supported by $0.68 million in available cash and ongoing assessment of strategic options for its remaining tenements and interests.
More about Australian Pacific Coal
Australian Pacific Coal Limited is an ASX-listed resources company focused on coal assets in Australia. Its principal asset has been the Dartbrook Mine in the Hunter Valley, New South Wales, complemented by interests in related coal tenements and a 10% stake in several Blackwood Resources joint venture tenements in Queensland, as well as the Matuan Downs Bentonite Project near Alpha, Queensland.
Average Trading Volume: 254,483
Technical Sentiment Signal: Sell
Current Market Cap: A$4.55M
See more data about AQC stock on TipRanks’ Stock Analysis page.