Former mining magnate Nathan Tinkler is looking to find his way back into the coal sector after signing a deal to buy a closed coal mine in New South Wales.
Mining junior Australian Pacific Coal, which is now headed by Mr Tinkler, has agreed to buy an 83.33 per cent stake in the Dartbrook mine in the Hunter Valley from struggling mining giant Anglo American.
The ASX-listed junior will pay up to $50 million for the mine, with half to be paid in cash by the end of January, and the balance in the form of royalty payments.
It plans to raise up to $30 million through a share placement to fund the deal.
"The Dartbrook JV presents a unique opportunity to acquire a tier 1 asset that is not only strategically located, but also well-equipped with existing infrastructure and facilities," Mr Tinkler, who is Australian Pacific Coal's managing director, said.
The former billionaire has been forced to sell assets - including his stake in Whitehaven Coal, his prized horse farm and the Aston Metals business, to repay massive debts since his mining empire collapsed in 2012, following the slide in coal prices.
Earlier this year, Mr Tinkler struck a deal to head Australian Pacific Coal, with the help of financial backers that include the Paspaley pearling family.
Subject to funds being raised and the deal going through, his company aims to develop a five million tonnes per annum, open pit operation at the mine.
The sale comes two weeks after Anglo American announced a major restructuring globally, saying it would offload three-fifths of its assets in an attempt to tackle sliding commodities prices. The Dartbrook mine has been on care and maintenance since 2006.
Japanese trading firm Marubeni owns the remaining 16.5 per cent in Dartbrook, and has the first right of refusal on the sale.
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