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Baralaba Coal locks in A$12.5M loan for Baralaba North mine restart

Baralaba Coal Co. Ltd. has secured a A$12.5 million loan from one of its major shareholders to fund the restart of its Baralaba North mine in Queensland, Australia.

The ASX-listed producer said June 2 that Liberty Metals & Mining Holdings LLC agreed to provide the company with a bridge loan at an interest rate of 12.5%.

The loan is fully repayable by July 15.

The Baralaba North mine has been on care and maintenance since February 2016. The loan will allow Baralaba Coal to continue road works for the restart.