Reuters SG
Australian Pacific Coal said on Thursday it will resume operations at its Dartbrook thermal coal mine in the fourth quarter after it secured a letter of intent for debt funding of up to $50 million from commodity trading giant Trafigura. The first batch of coal sales from the New South Wales-based mine are likely to happen in the first quarter of fiscal 2024, Australian Pacific said. "Thermal coal prices have recently rallied and this is an opportune time to be a new source of supply of NEWC spec coal into the export market," CEO Ayten Saridas said in a statement.