Australian Pacific Coal Ltd (AQC), ASX code AQC, has released its quarterly activities report for the period ending 30 September 2025, detailing significant developments concerning the Dartbrook Mine. Australian Pacific Coal is focused on developing high-quality coal assets. Its principal asset is the Dartbrook Mine in the Hunter Valley, New South Wales. The company announced that voluntary administrators were appointed to Dartbrook Operations Pty Ltd, the appointed operator of the Dartbrook Mine, on 3 July 2025. Subsequently, Vitol Asia Pte Ltd, a secured creditor to the Dartbrook Joint Venture, appointed receivers and managers over the secured property of the mine. This includes all shares and property of AQC Dartbrook Pty Ltd, holder of AQC’s joint venture interest, and specific receiver appointments over certain company reserve accounts.
As a result of these appointments, AQC also appointed administrators to its wholly owned subsidiaries, AQC Dartbrook Pty Ltd and AQC Dartbrook Management Pty Ltd. Given the receivership of all Dartbrook Mine assets and the magnitude of the senior secured debt, the company anticipates it is unlikely to receive any distribution upon the conclusion of the receivership and voluntary administration processes. AQC is operating under the assumption that its interest in the Dartbrook Mine holds no value.
AQC had provided a parent company guarantee for the secured facility related to the Dartbrook Joint Venture. While the agent for the secured creditor has reserved its rights regarding the guarantee, Vitol Asia Pte Ltd has indicated it does not currently intend to call on it. The company held $1.3 million in available cash at the end of September 2025 at the AQC group level and directors believe the company remains solvent.
The AQC board is continuing to evaluate the circumstances and will provide further updates as they become available. At the end of the quarter, AQC has interest in granted Authorisations, Exploration Licenses, Coal Leases and Mining Leases located in Hunter Valley NSW and Alpha Queensland.
