AUSTRALIAN Pacific Coal had only $890,000 in the bank at the end of the September quarter as continuing litigation by the Hunter Thoroughbred Breeders Association over the company's proposed Dartbrook underground coal project in New South Wales continues to burn through its capital.
The Land and Environment Court has been asked to dispose of the proceedings in accordance with the revised s34 agreement.
AusPac revealed funds during the September quarter were primarily used to progress the modification appeal ($80,000), care & maintenance holding costs ($630,000) and corporate administration ($400,000)....
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