Mining ace Nathan Tinkler’s Australian Pacific Coal has only a month left to raise $25 million to fulfill its wish to purchase Anglo American Dartbrook coal mine.

Nathan Tinkler owns more than 37 percent of shares in Australian Pacific Coal and has plans to take over Dartbrook mine, owned by Anglo American with an 83.33 percent stake in it. Tinkler said that he wanted the NSW Hunter Valley’s Dartbrook coal mine to expand it into an open pit mine. Being a start-up mining venture, Australian Pacific Coal mine first requires taking its fund to a limit of $25 million until Jan. 31, as demanded by the Anglo American mining group.

Adding to this, Tinkler said that AQC was planning to raise $15 million from existing stakeholders and $15 million from the market. In case something is left in store, it will be utilised for building up working capital. AQC aims at converting the mine from a mere underground establishment to an open cut operative platform. However, it will need to have an environmental approval to carry out the same.

The mining organisation claims that it will surely get approval if other open cut mines operating nearby are discovered. In case Tinkler’s company failed to raise the funds until the said time, AQC would have to compensate a break fee worth $1 million to Anglo American’s Dartbrook.

When asked how AQC will manage the funds, Tinkler said that the company will extract funds from financial backers that helped him in purchasing AQC in early 2015. “I have been fortunate enough to attract the support of the Paspaley and Robinson families and they have been good. They were behind the original support that I have had and will be there again,” Tinkler told Fairfax Media.

Along with the said purchased price, the Australian Pacific Coal mine also requires having $7.7 million available with it as a financial assurance relating to Dartbrook mining tenements, otherwise, the company might have to face another break charge worth $0.5 million.

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