Matt Latimore, Founder and President of M Resources welcomed the agreement for a strategic partnership to re-commission Dartbrook as a coal producing mine as soon as practicable.
‘We are delighted with the agreement which will see M Resources acquire a 20% interest in the Dartbrook mine,’ said Mr Latimore.
Through a Joint Venture with Australian Pacific Coal (ASX:AQC) and Trepang, M Resources and Tetra Resources will jointly operate and manage the Dartbrook mine and restart underground bord and pillar operations.
Under the agreement, M Resources expands its operations into NSW, providing the mine with additional expertise including coal marketing and mine management services.
M Resources is also a sub-underwriter of the AUD$100m reciprocal rights issue for AQC.
‘M Resources is founded on the principles of building employment opportunities, excellent relations with local communities and extracting the full economic value from Australian resources in a sustainable manner’ said Mr Latimore.
‘We are so pleased to be once again bringing an important asset back to operating life.’
M Resources has worked to establish strong community and environmental credentials at the Millennium Mine in Central Queensland, which the company restarted last year.
‘We look forward to creating great local relationships at Dartbrook with the Hunter Valley community, and with our stakeholders and partners,’ said Mr Latimore.
‘At Millennium, from a care and maintenance position, in just over a year we have created 150 jobs, mined nearly 600,000 tonnes and exported over 400,000 tonnes of product globally to customers in Asia and Europe.
‘I am excited that M Resources is once again in a position to build opportunity and support economic growth, this time at Dartbrook mine in the Hunter Region.’