ASX RELEASE (ASX: AQC)
Quarterly Activities Report for the period ended 31 March 2021
Dartbrook Mine
Modification 7 Appeal
As previously disclosed, the Board of Australian Pacific Coal Limited (ASX: AQC) resolved to lodge an appeal against the determination made on 9 August, 2019, by the NSW Independent Planning Commission (IPC), acting as the delegate for the Minister of Planning, Infrastructure and Environment (MPIE), with respect to AQC's Modification 7 Submission.
AQC previously announced that it had reached agreement with the NSW Minister for Planning and Public Spaces in the Land and Environment Court proceedings the Company has commenced about the determination of its application to modify the development consent for the Dartbrook Coal Mine. As announced such agreement only becomes effective, and the development consent is only modified, once the Land and Environment Court disposed of the proceedings in accordance with the agreement.
As previously reported, subsequent to reaching agreement AQC received notice of a proposed application by the Hunter Thoroughbred Breeders Association (HTBA) to join the proceedings. Judgment on the HTBA's application was delivered on 20 November 2020 and the HTBA has been joined to the proceedings on a limited basis. AQC announced on 11 January 2021 that it had made application seeking leave to appeal the decision of the Land and Environment Court to join the Hunter Thoroughbred Breeders Association to the proceedings.
On 27 April 2021, AQC announced that the application for leave to appeal was heard by the NSW Court of Appeal. Judgment has been reserved with further updates to be provided when the judgment is delivered.
As advised, as a consequence of the HTBA being joined to the proceedings the agreement with the NSW Minister for Planning and Public Spaces under s34(3) of the Land and Environment Court Act 1979 cannot become effective.
Corporate
As previously reported, AQC has commenced a strategic review including of its Dartbrook Project, with such review including the proposed coal mining operations at Dartbrook and associated assets (including freehold land and any water rights). The review aims to consider and assess all available options for AQC, the Dartbrook Project and shareholders and has currently considered the disposal of non-core mining assets at the Dartbrook Project where it has executed contracts for the sale of land and water rights for ~$3.3m. AQC will update shareholders on the outcomes from the strategic review as matters progress.
At quarter end the Company held $0.34 million in cash reserves. Funds during the quarter were primarily used to progress the modification appeal ($0.28 million), care & maintenance holding costs ($1.3million) and corporate administration ($0.32 million). The Board continues to evaluate the short-term cash flow requirements of the Company.
The Company's accompanying Appendix 5B (Quarterly Cashflow Report) includes an amount in item 6.1 of $129k which constitutes executive and non-executive directors' fees paid during the quarter.
This announcement has been authorised for release by the Board.
Australian Pacific Coal Limited | ABN 49 089 206 986 | |
Level 15, 344 Queen Street, Brisbane QLD 4000 | ∙ | PO Box 16330, City East QLD 4002 |
Tel: +61 7 3221 0679 ∙ Fax: +61 7 3229 9323 | ∙ | Web: www.aqcltd.com |
The Company provides the following additional information in accordance with ASX Listing Rule 5.3.3.
Mining tenements held at the end of the quarter and their location
Name | Number | Status | Interest Held | |
Dartbrook Project, Hunter Valley NSW | ||||
AUTH 256 | AUTH 256 | Renewal Pending * | 100% | |
EL 4574 | EL 4574 | Renewal Pending * | 100% | |
EL 4575 | EL 4575 | Renewal Pending * | 100% | |
EL 5525 | EL 5525 | Renewal Pending * | 100% | |
CL 386 | CL 386 | Granted | 100% | |
ML 1381 | ML 1381 | Renewal Pending * | 100% | |
ML 1456 | ML 1456 | Renewal Pending * | 100% | |
ML 1497 | ML 1497 | Granted | 100% | |
Coororah Project, Blackwater QLD | ||||
Dingo | EPC 1859 | Granted | 100% | |
Mount Hillalong Project, Glenden QLD | ||||
Mount Hess | EPC 1645 | Granted | 100% | |
Mount Hess West | EPC 1867 | Granted | 100% | |
Matuan Downs Bentonite Project, Alpha | ||||
Mantuan | ML 70360 | Granted | 100% | |
* The Company has lodged renewal applications for certain Dartbrook Project Authorities,
EL's and ML's as noted above.
Mining tenements acquired during the quarter and their location
Not applicable.
Mining tenements disposed of during the quarter and their location
Not applicable.
Beneficial percentage interests held in farm-in or farm-out agreements at the end of the quarter
The Company's 100% owned subsidiary Mining Investments One Pty Ltd holds a 10% interest in each of the following Blackwood Resources Pty Ltd JV tenements.
Name | Number | Status | Interest Held | |
Blackwood Joint Venture, Miles QLD | ||||
Bungaban Creek | EPC 1955 | Granted | 10% | |
Quondong | EPC 1987 | Granted | 10% | |
Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the quarter
Not applicable.
Australian Pacific Coal Limited (ABN 49 089 206 986) ASX: AQC | |
Quarterly Report for the period ending 31 December 2020 | Page 2 of 2 |
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
AUSTRALIAN PACIFIC COAL LIMITED | |
ABN | Quarter ended ("current quarter") |
49 089 206 986 | 31 MARCH 2021 |
Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (9 months) | |||
$A'000 | ||||
1. | Cash flows from operating activities | |||
1.1 | Receipts from customers | 90 | 294 | |
1.2 | Payments for | |||
(a) | exploration & evaluation | - | - | |
(b) | development | (284) | (557) | |
(c) | production | - | - | |
(d) | staff costs | (134) | (447) | |
(e) administration and corporate costs | (185) | (605) | ||
1.3 | Dividends received (see note 3) | - | - | |
1.4 | Interest received | - | - | |
1.5 | Interest and other costs of finance paid | - | - | |
1.6 | Income taxes paid | - | - | |
1.7 | Government grants and tax incentives | - | - | |
1.8 | Other (mine care and maintenance) | (1,347) | (3,085) | |
1.8 | Other (GST refunds received) | 89 | 379 | |
1.9 | Net cash from / (used in) operating | (1,771) | (4,021) | |
activities |
ASX Listing Rules Appendix 5B (01/12/19) | Page 1 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (9 months) | |||
$A'000 | ||||
2. | Cash flows from investing activities | |||
2.1 | Payments to acquire or for: | |||
(a) | entities | - | - | |
(b) | tenements | - | - | |
(c) | property, plant and equipment | - | (51) | |
(d) | exploration & evaluation | - | - | |
(e) | investments | - | - | |
(f) | other non-current assets | - | - | |
2.2 | Proceeds from the disposal of: | |||
(a) | entities | - | - | |
(b) | tenements | - | - | |
(c) | property, plant and equipment | 3,152 | 3,200 | |
(d) | investments | - | - | |
(e) | other non-current assets | - | - | |
2.3 | Cash flows from loans to other entities | - | - | |
2.4 | Dividends received (see note 3) | - | - | |
2.5 | Other (provide details if material) | - | - | |
2.6 | Net cash from / (used in) investing | 3,152 | 3,149 | |
activities |
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities) | - | - | |
3.2 | Proceeds from issue of convertible debt | - | - |
securities | |||
3.3 | Proceeds from exercise of options | - | - |
3.4 | Transaction costs related to issues of equity | - | - |
securities or convertible debt securities | |||
3.5 | Proceeds from borrowings | 1,630 | 3,700 |
3.6 | Repayment of borrowings | (3,152) | (3,202) |
3.7 | Transaction costs related to loans and | - | - |
borrowings | |||
3.8 | Dividends paid | - | - |
3.9 | Other (provide details if material) | - | - |
3.10 | Net cash from / (used in) financing | 1,522 | 498 |
activities |
ASX Listing Rules Appendix 5B (01/12/19) | Page 2 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Consolidated statement of cash flows | Current quarter | Year to date | |
$A'000 | (9 months) | ||
$A'000 | |||
4. | Net increase / (decrease) in cash and | (141) | (374) |
cash equivalents for the period | |||
4.1 | Cash and cash equivalents at beginning of | 478 | 711 |
period | |||
4.2 | Net cash from / (used in) operating | (1,771) | (4,021) |
activities (item 1.9 above) | |||
4.3 | Net cash from / (used in) investing activities | 3,152 | 3,149 |
(item 2.6 above) | |||
4.4 | Net cash from / (used in) financing activities | (1,522) | 498 |
(item 3.10 above) | |||
4.5 | Effect of movement in exchange rates on | - | - |
cash held | |||
4.6 | Cash and cash equivalents at end of | 337 | 337 |
period | |||
5. | Reconciliation of cash and cash | Current quarter | Previous quarter |
equivalents | $A'000 | $A'000 | |
at the end of the quarter (as shown in the | |||
consolidated statement of cash flows) to the | |||
related items in the accounts | |||
5.1 | Bank balances | 312 | 453 |
5.2 | Call deposits | - | - |
5.3 | Bank overdrafts | - | - |
5.4 | Other (funds held in escrow) | 25 | 25 |
5.5 | Cash and cash equivalents at end of | 337 | 478 |
quarter (should equal item 4.6 above) | |||
6. | Payments to related parties of the entity and their | Current quarter | |
associates | $A'000 | ||
6.1 | Aggregate amount of payments to related parties and their | 129 | |
associates included in item 1 |
6.2 Aggregate amount of payments to related parties and their associates included in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments
6.1 Non-Executive Directors Fees
ASX Listing Rules Appendix 5B (01/12/19) | Page 3 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
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Australian Pacific Coal Limited published this content on 30 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2021 23:46:00 UTC.