THE OWNER of Aberdeen's Dartbook coal mine has entered a non-binding agreement for a 50:50 joint venture in the mine with a Queensland coal investor, overlooking a take-over offer by Nathan Tinkler.
The shuttered mine, acquired by Australian Pacific Coal (AQC) in 2015, has seen interest from a number of investors recently amid global record coal prices.
AQC had been on the verge of selling Dartbook to another of its shareholders, Trepang Services Pty Ltd.
In a release to the ASX Friday afternoon, AQC said it had received written notice from Trepang advising the company was "terminating the share sale agreement".
AQC said this was an "unexpected" move which came as they were reconvening the postponed extraordinary general meeting to approve the Trepang proposal.
Due to the termination, AQC have turned to an offer by Queensland company M Resources.
M Resources is controlled by Brisbane-based mining investor Matthew Latimore, who is the largest shareholder in Bowen Coking Coal and the second-largest independent shareholder in Stanmore Resources.
"The Company has entered into a non-binding agreement with M Resources Pty Ltd, an entity associated with Matthew Latimore, with respect to a proposed 50:50 joint venture for operation of the Dartbrook mine and for the potential future mine management services," and Australian Pacific Coal release to the ASK said.
M Resources has also committed a $10million investment in the $100million entitlement offer put to investors on Friday and will be entitled to appoint a director to the Board.
AQC said it has agreed to grant M Resources exclusivity to undertake due diligence investigations in respect of the Dartbrook mine.
The M Resources offer, made on August 25, proposed the purchase of 14.99% of shares, at 36 cents, for a total of $2.7 million.
Mr Latimore's offer trumped an alternate proposal, announced by AQC on August 22, by Nathan Tinkler's company Nakevo.
Nakevo's offer came in at 30 cents per share for a 19.97% stake, for a total of $3.78 billion. The offer also proposed a subsequent takeover bid.
Mr Tinkler was first involved with AQC in December 2015 when Dartbrook was acquired from Anglo American for $25 million plus royalties.
Anglo closed Dartbrook in 2006 during a coal price slump and after three mining fatalities in a decade.
WHAT DO YOU THINK? We've made it a whole lot easier for you to have your say. Our new comment platform requires only one log-in to access articles and to join the discussion on the Newcastle Herald website. Find out how to register so you can enjoy civil, friendly and engaging discussions. Sign up for a subscription here.
