The Dartbrook coal mine has been placed into voluntary administration and receivership after failing to meet loan obligations totalling $US113.6 million (A$175 million) to Vitol Asia.
The mine, operated by Dartbrook Operations, a subsidiary of Australian Pacific Coal (AQC), is located in New South Wales’ Hunter Valley coal mining region. It operates as an 80:20 joint venture between Australian Pacific Coal and Tetra Resources.
The company confirmed the mine had entered administration late last week. Deloitte’s Richard Hughes and Timothy Heenan were appointed as voluntary administrators of Dartbrook Operations.
What triggered Dartbrook’s collapse?
The financial crisis…