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Dartbrook mine project hits another bump

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The Dartbrook mine project has hit another bump. 

Australia Pacific Coal made an announcement to the Australian Stock Exchange that they commencing a strategic review of the Dartbrook project and the associated assets and needed more time to make those assessments.

The company also said that had decided not to proceed with the "capital raising" at this time as it has been unable to reach agreement on terms acceptable to the board.

The Dartbrook project has hit many roadblocks having previously been knocked back by the Independent Planning Commission (IPC) because of concerns about the project's economic viability.

In February this year, the company had been reported to be conducting a "strategic review" of the project and a quarterly cash flow report has revealed the company lost $26 million-dollars in the past two years against revenue of less than half a million dollars.

The company is understood to be hoping they can raise about $3.3 million-dollars by selling non-core mining assets from around the mine.

Australia Pacific Coal did reach an agreement with the NSW Government last year to reopen the mine but just as the IPC was to rubber stamp the project the Hunter Thoroughbred Breeders Association successfully joined the case.

Image credit: Grant Broadcasters/Jessica Rouse