Australian Pacific Coal Ltd. and its joint venture partner have agreed terms for $60 million funding from Vitol Asia Pte Ltd., allowing them to restart a coal mine in New South Wales that’s been shut for more than 16 years.

The venture with Tetra Resources is targeting initial production from the Dartbrook site in the first quarter of next year, Australian Pacific Coal said in a regulatory filing. The partners also entered a sales and marketing agreement with Vitol, a major global commodities trader, for all production from the site.