Australian Pacific Coal Ltd (ASX: AQC) has released its quarterly activities report for the period ended 30 June 2025, outlining significant developments and financial updates. Australian Pacific Coal is focused on the development of high-quality metallurgical coal assets. The company’s primary asset is its 80% interest in the Dartbrook Joint Venture. However, the report refers to the recent appointment of receivers and managers to the secured property of the Dartbrook Joint Venture by Vitol Asia Pte Ltd, the senior secured financier. FTI Consulting has been appointed as receivers and managers of the secured property of the Dartbrook Joint Venture.
The Dartbrook Joint Venture drew down US$23.80 million from the Senior Debt Facility, A$3.6 million from the Subordinated Debt Facility, and A$5 million from a shareholder loan provided by AQC during the quarter. All committed facilities were fully drawn as of 30 June 2025. AQC held $4.3 million of available cash at the group level, while cash reserves at the Dartbrook Joint Venture level totaled $1 million ($0.8 million net to AQC). Due to the appointment of receivers and managers, the company anticipates that it is unlikely to receive any distribution after the conclusion of the receivership.
The company’s current working assumption is that its interest in the Dartbrook Mine holds no value due to the quantum of the senior secured debt. The company’s 80% share of the Vitol loan balance drawn at the Dartbrook JV was US$96.5 million as at the end of the quarter. Vitol has not made a demand on that guarantee, and the directors are of the view that Vitol does not presently intend to do so.
The directors of AQC consider the company solvent, considering available cash resources and operational expenses. The report also provides details on mining tenements held and beneficial percentage interests in farm-in or farm-out agreements.
