Australian Pacific Coal Ltd. will explore options for the Dartbrook coal mine in New South Wales, Australia, after authorities denied the company's application to add five more years to the mine life.
The company plans to restart operations at the mine, which it acquired from Anglo American PLC and Marubeni Coal Pty Ltd. in May 2017.
Australian Pacific said Aug. 13 that the Independent Planning Commission approved other changes to the project permit, including those related to mining and transport, while noting that its application was supported by the local community.
In July, the company sold part of its stake in Bowen Coking Coal Ltd. for about A$1.6 million to support continued holding costs at Dartbrook.
A March 2018 pre-feasibility study for Dartbrook generated a net present value, discounted at 10%, is estimated at A$1.34 billion, with a 23.2% internal rate of return and five-year payback period under an owner-operator case.