The Australian Pacific Coal Ltd (ASX: AQC) share price closed down 7% yesterday.
Yet shares in the microcap ASX coal miner remain up an eye-popping 331% since this time last month. Even more noteworthy for a month that saw the All Ordinaries Index (ASX: XAO) fall 4%.
So, what's going on?
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What's driving ASX investor interest?
Australian Pacific began its near vertical ascent on 22 August, gaining 193% over the first two trading days of that week.
Now certainly, the ASX energy share has been a beneficiary of soaring coal prices. Newcastle coal has been trading near all-time highs, currently priced just north of US$444 per tonne.
But that's not what sent the Australian Pacific Coal share price through the roof.
That initial impetus looks to have been after Australian Pacific reported it had received a non-binding alternative proposal from Naveko Pty Ltd for the sale of its Dartbrook coal project, located in New South Wales.
The miner had previously received an offer for the asset in April from Trepang Services Pty Ltd.
In regards to the Naveko proposal, the miner said at the time that the offer was "conditional" requiring "further consideration".
The Australian Pacific Coal share price continued to climb over the month and again soared higher on Wednesday of this week, closing the day up 33%.
This came after the miner updated the market on its fully underwritten 5.83 for 1 renounceable entitlement offer. The company provided shareholders with the specific details in its entitlement offer booklet.
The miner also updated the market on its Dartbrook project, reporting it had entered into a non-binding agreement with M Resources Pty Ltd "with respect to a proposed 50:50 joint venture for the operation of the Dartbrook mine and for potential future mine management services at the Dartbrook mine".
Australian Pacific Coal share price snapshot
With shares having trended lower heading into August, the Australian Pacific Coal share price is 'only' up 229% in 2022. That compares to a year-to-date loss of 11% posted by the All Ordinaries.
