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Australian Pacific Coal pegs up to A$1.34B value in Dartbrook coal project study

Australian Pacific Coal Ltd. said March 28 that a pre-feasibility study for the Dartbrook coal mine in New South Wales, Australia, outlined the technical and financial capability of the 25-year open cut operation under both owner-operator and contractor cases.

The company acquired the mine from Anglo American PLC and Marubeni Coal Pty Ltd. in May 2017.

Under the owner-operator case, net present value, discounted at 10%, is estimated at A$1.34 billion, with the internal rate of return of 23.2% and a payback period of five years.

Capital cost is pegged at A$936.6 million, including A$69.4 million for contingency.

On the other hand, NPV, at a 10% discount, is reduced to A$1.29 billion, with a higher IRR of 24.6% and a payback period of 5 years under the contractor case.

Under this case, capital cost is about A$699.4 million, including A$51.8 million for contingency.

In both scenarios, total run of mine tonnes is expected at 226 million tonnes at a price of A$30.80 per tonne under the owner-operator case, or A$36.50 per tonne under the contractor case.

Both cases were based on June 2017 resources of 2.53 billion tonnes of in situ coal, comprising of a measured resource of 588 million tonnes of coal, an indicated resource of 850 million tonnes of coal and an inferred resource of 1.10 billion tonnes of coal.

Coal reserves, meanwhile, consist of a minable run of mine of 572 million tonnes, which supports up to a 45-year mine life. Run of mine in the probable category is 470 million tonnes, while marketable reserves stood at 370 million tonnes.

The company will begin the next phase of assessment over the Dartbrook project, which includes the submission of the environment impact study, due in the third quarter of fiscal 2019.