Australian Pacific Coal Limited
(ASX:AQC) has reached a binding agreement to acquire 83.33 percent in the Dartbrook joint venture.
The arrangement was made via the purchase of all shares on issue in Anglo Coal Pty Limited, a subsidiary of Anglo American Plc.
Chief Executive Officer and Managing Director Nathan Tinkler said the asset is well-equipped with existing infrastructure and facilities.
The project is located in the Hunter Valley in New South Wales. Mining operations in the immediate surrounding area are owned by BHP Billiton and Rio Tinto.
Australian Pacific Coal recorded a net loss of $1.92 million at 30 June 2015.
