Document:

<PAGE>
                                                                    EXHIBIT 4.66

                                                               December 21, 2005

Pine Valley Mining Corporation
Suite 501 -- 535 Thurlow Street
Vancouver, B.C. V6E 3L2

Falls Mountain Coal Inc.
Suite 501 -- 535 Thurlow Street
Vancouver, B.C. V6E 3L2

Pine Valley. Coal Ltd.
Suite 501 -- 535 Thurlow Street
Vancouver, B.C. V6E 3L2

Attention: Mr. Jeff Fehn and Mr. Graham Mackenzie

Dear Sirs:

RE:  SECOND AMENDING AGREEMENT
     ROYAL BANK ASSET BASED FINANCE, A DIVISION OF ROYAL BANK OF CANADA
     (THE "BANK"): CREDIT FACILITY IN FAVOUR OF PINE VALLEY MINING CORPORATION,
     FALLS MOUNTAIN COAL INC., AND PINE VALLEY COAL LTD.
     (COLLECTIVELY, THE "BORROWER")

Pursuant to a credit agreement issued by the Bank to the Borrower on September
8, 2005, and accepted by the Borrower on September 8, 2005, (the "Credit
Agreement"), the Bank established certain credit in favour of the Borrower on
the terms and conditions set out therein.

By letter dated November 24, 2005, the Borrower and the Bank amended the Credit
Agreement.

The Borrower and the Bank wish to further amend the Credit Agreement in the
manner set forth herein.

1. INTERPRETATION

All words and expressions defined in the Credit Agreement have the same meaning
when used herein. Reference to the Credit Agreement includes amendments thereto
from time to time including the amendments made by this amending agreement. All
references herein to sections of or schedules to an agreement other than this
amending agreement are to sections of and schedules to the Credit Agreement,
unless otherwise expressly stated. Clause headings are for reference only.

2. EFFECTIVE DATE

The provisions of the Credit Agreement shall be amended as set out in this
amending agreement as of the date of this amending agreement.

3. AGREEMENTS AND AMENDMENTS

3.1 Schedule A to the Credit Agreement shall be amended by:

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     (a)  adding paragraph (k) in the definition of "Eligible Inventory" as
          follows:

          "(k) and such saleable coal will be limited, for coal located at the
               Port to a maximum of 210,000 metric tonnes;"

     (b)  in the definition of "Material Contracts", deleting the paragraph
          reference 12(i) and substituting 12(j);

     (c)  by adding after the definition of "Pine Valley" and immediately before
          the definition of "PVC" the following definition:

          "Port" means each of the ports to which the Borrower ships coal
          pursuant to agreements between the Borrower and the company managing
          the terminal, which agreements have been approved in writing by the
          Bank;".

3.2  Schedule C to the Credit Agreement shall be amended by deleting, in Section
     1., the words "Neptune Bulk Terminals (Canada) Ltd.", and substituting
     therefor the following words:

     "the company or companies providing terminal services to the Port"

3.3  Schedule G to the Credit Agreement shall be amended by adding the following
     to the list of Material Contracts in Part I:

     "39. Terminal Services Agreement dated November 15, 2005, between Ridley
     Terminals Inc. and Falls Mountain Coal Inc.

     40. Agency agreement dated January 1, 2006 between Falls Mountain Coal Inc.
     and Neptune Bulk Terminals (Canada) Limited."

4.   REPRESENTATIONS AND WARRANTIES

4.1  The Borrower represents and warrants to the Bank that the representations
     and warranties made by the Borrower in the Credit Agreement are true and
     correct on and as of the date hereof, with the same effect as if those
     representations and warranties had been made on and as of the date hereof
     except to the extent such representations and warranties are not true and
     correct as previously disclosed to the Bank.

4.2  The Borrower further represents and warrants to the Bank as follows:

     (a)  it has full power and authority to enter into, give and perform this
          amending agreement;

     (b)  the entering into and performance by it of this amending agreement has
          been duly authorized by all necessary action and will not violate or
          conflict with its constating documents or any amendments thereto or
          any provision of any agreement, indenture or arrangement to which it
          is a party or is bound;

                                       2
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     (c)  this amending agreement is, and each of the Credit Documents continue
          to be, a valid and legally binding obligation enforceable against the
          Borrower in accordance with its terms; and

     (d)  no Event of Default has occurred and is continuing except such events
          of default as have been previously disclosed to the Bank.

5. MISCELLANEOUS

With the exception of the foregoing amendments, the Credit Agreement shall
continue in full force and effect unamended.

This amending agreement may be executed in any number of counterparts and by
separate parties in different counterparts, each of which shall be an original
and all of which when taken together shall constitute one and the same
agreement.

Please indicate your acceptance of this amending agreement by signing and
returning the enclosed duplicate copy of this letter.

Yours truly,

ROYAL BANK ASSET BASED FINANCE,
A DIVISION OF ROYAL BANK OF CANADA

By: /s/ Ted Vanderlaan
                      -------------------------------
        Name: Ted Vanderlaan
        Title: Senior Manager Underwriting

WE ACKNOWLEDGE AND ACCEPT the terms and conditions of this Amending Agreement.

                                       3
<PAGE>

<TABLE>
<S>                                                           <C>
PINE VALLEY MINING                                            FALLS MOUNTAIN COAL INC.
CORPORATION

By:  /s/ Martin Rip                                            /s/ Martin Rip
                   ----------------------------------                        --------------------------------------
         Name: Martin Rip                                              Name: Martin Rip
         Title: VP Finance & CFO                                       Title: Secretary

I have the authority to bind the Corporation.                 I have the authority to bind the Corporation.

SUITE 501 -- 535 THURLOW STREET                               SUITE 501 -- 535 THURLOW STREET
VANCOUVER, B.C. V6E 3L2,                                      VANCOUVER, B.C. V6E 3L2,
FAX NO. 604.682.4698                                          FAX NO. 604.682.4698
E-MAIL ADDRESS                                                E-MAIL ADDRESS
MRIP@PINEVALLEYCOAL.COM                                       MRIP@PINEVALLEYCOAL.COM
</TABLE>

PINE VALLEY COAL LTD.

By: /s/ Martin Rip
                  -----------------------------------
        Name: Martin Rip
        Title:

I have the authority to bind the Corporation.

SUITE 501 -- 535 THURLOW STREET
VANCOUVER, B.C. V6E 3L2,
FAX NO. 604.682.4698
E-MAIL ADDRESS
MRIP@PINEVALLEYCOAL.COM

                                       4
<PAGE>

                                     CONSENT

The undersigned hereby acknowledge and consent to the amendment of the Credit
Agreement pursuant to this amending agreement and confirm that all security
provided pursuant to the Credit Agreement and other documents contemplated by
the Credit Agreement to which it is a party, continue in full force and effect,
notwithstanding the amendment to the Credit Agreement.

Accepted as of the 23rd day of December, 2005

GLOBALTEX GOLD MINING CORP.

By:  /s/ Martin Rip
                   ----------------------------------
         Name:  Martin Rip
         Title:  Secretary

I have the authority to bind the Corporation.

SUITE 501 -- 535 THURLOW STREET
VANCOUVER, B.C. V6E 3L2,
FAX NO. 604.682.4698
E-MAIL ADDRESS
MRIP@PINEVALLEYCOAL.COM

                                       5<PAGE>
                                                                    EXHIBIT 4.67

                          ACKNOWLEDGEMENT AND AGREEMENT

BETWEEN:

LENDER: ROYAL BANK ASSET BASED FINANCE, A DIVISION OF ROYAL BANK OF CANADA,
        ("LENDER")

NAME OF BORROWERS:   FALLS MOUNTAIN COAL INC. ("FMC")
                     PINE VALLEY MINING CORPORATION ("PVM")
                     PINE VALLEY COAL INC. ("PVC")

NAME OF THIRD PARTY: NEPTUNE BULK TERMINALS (CANADA) LTD. ("NEPTUNE")

RE: SPOT CONTRACT AND AGENCY AGREEMENT BETWEEN NEPTUNE AND FMC

WHEREAS:

Neptune operates a terminal facility for the handling of bulk commodities in
North Vancouver, British Columbia ("TERMINAL").

Neptune has entered into a Spot Contract with FMC dated with effect July 1, 2004
("SPOT CONTRACT"), pursuant to which Neptune has agreed to handle FMC's low
volatile or semi-anthracite coal ("COMMODITY") which is produced by FMC at its
Willow Creek mine in Pine Valley, British Columbia ("MINE"), including the
provision that Neptune shall store the Commodity and maintain records associated
with it at the Terminal.

Neptune has entered into an Agency Agreement with FMC made effective January 1,
2005, pursuant to which Neptune acts as FMC's agent in conducting FMC's business
at the Port of Vancouver, which agreement was to terminate on December 31, 2005;

Neptune has entered into a revised Agency Agreement with FMC made effective
January 1, 2006 pursuant to which Neptune will act as FMC's agent in conducting
FMC's business at the Port of Vancouver, and at the Ridley Terminal located at
Ridley Island, Prince Rupert, (which agreement, and any further renewals of it
are referred to as the "AGENCY AGREEMENT");

The Lender has entered into certain financing transactions with FMC, PVM and PVC
("BORROWERS") and the Lender has been or will be granted a security interest in,
inter alia, all of the inventory of the Commodity produced from the Mine
("INVENTORY") and accounts receivable ("ACCOUNTS") of each of the Borrowers.

In consideration of the Lender extending credit to FMC and other good and
valuable consideration, the receipt and sufficiency of which Neptune hereby
acknowledges, the PARTIES AGREE AS FOLLOWS:

<PAGE>

1.   Neptune acknowledges that:

     (a)  the Spot Contract and the Agency Agreement are valid and in full force
          and effect and have not been assigned to any person whatsoever; and

     (b)  it is not aware of any default under either the Spot Contract or the
          Agency Agreement as at the date hereof.

2.   Neptune agrees that at any time Neptune gives notice to FMC it will provide
     a copy of such notice to the Lender at 320 Front St West, 11th floor,
     Toronto, Ontario, M5V 3B6. Attention: Asset Based Finance, by registered
     mail or facsimile ((416) 974-0716)).

3.   The Lender shall have the right, but not the obligation, to cure any
     default, if any, under either the Spot Contract or the Agency Agreement
     within a period of 30 days from the date of receipt by the Lender of a
     notice (a "NEPTUNE NOTICE") pursuant to subsection 2. Any payment made, or
     act done, by the Lender to cure any default under either the Spot Contract
     or the Agency Agreement shall not constitute an assumption by the Lender of
     either of those agreements or any obligations of FMC thereunder.

4.   For so long as FMC is not in default under the Spot Contract and the Agency
     Agreement, and for the 30 day period referred to in Section 3 above,
     Neptune on written direction from the Lender, agrees not to deliver the
     Inventory as directed by FMC and, instead, agrees to hold the Inventory
     subject to the Lender's further direction, and to deliver the Inventory as
     may be directed by the Lender, at the Lender's cost, provided that the
     Lender indemnifies Neptune in full for all liabilities or expenses incurred
     by Neptune for following the Lender's direction, and provided the Lender
     pays all amounts owing to Neptune by FMC.

5.   The Lender, including its authorized agents or representatives, shall have
     access to the Terminal at any time and from time to time during normal
     business hours to inspect the Inventory.

6.   Neptune shall have no liability to FMC if it complies with any written
     direction from the Lender and FMC agrees that it will continue to pay to
     Neptune all amounts owing to Neptune under the Spot Contract and the Agency
     Agreement.

7.   The Lender or its authorized agents or representatives may, at any and all
     times:

     (a)  request that Neptune provide the Lender, at the Lender's cost, to view
          at Neptune's office with any and all of FMC's books and records and
          other information or data of FMC held by Neptune, including, without
          limitation, information and data from any of FMC's computer equipment
          or systems and any and all of FMC's information, data and records
          stored electronically, and any other information in relation to
          collecting or otherwise dealing with any of the Accounts, and Neptune
          must provide such access to books, records, information and data
          within a reasonable time period regardless of whether or not FMC is in
          default of any of its obligations to Neptune or the Spot Contract or
          Agency Agreement have been terminated; and

                                       2
<PAGE>

     (b)  during normal business hours, provided the Lender has settled in full
          all obligations of FMC to Neptune, the Lender may enter upon and use
          the Terminal for the purpose of taking possession of the Inventory
          being stored at the Terminal, including without limitation that the
          Lender or its authorized agents or representatives can inspect or
          remove from the Terminal any or all of the Inventory free and clear of
          any right of restraint or mechanic's or other lien of Neptune.

8.   This Acknowledgement and Agreement (i) may be executed in any number of
     counterparts by facsimile transmission, each of which counterparts shall be
     deemed to be originals and all of which when taken together shall form one
     and the same agreement, (ii) shall be governed by and in accordance with
     the laws of the Province of British Columbia and the federal laws of Canada
     applicable therein and (iii) shall enure to the benefit of the Lender and
     its successors and assigns, and shall be binding upon the successors and
     assigns of Neptune.

     IN WITNESS WHEREOF, the parties to this Acknowledgement and Agreement
have executed and delivered this Acknowledgement and Agreement with effect as of
the 2lst day of December, 2005.

                              NEPTUNE BULK TERMINALS
                              (CANADA) LTD.

                              Per: /s/ Gonzalo Benitez
                                   --------------------------------------------
                                       Authorized Signatory I have authority to
                                       Bind the corporation

                              FALLS MOUNTAIN COAL INC.

                              Per: /s/ Martin Rip
                                   --------------------------------------------
                                       Authorized Signatory
                                       I have authority to bind the corporation

                              ROYAL BANK ASSET BASED FINANCE, a
                              Division of Royal Bank of Canada

                              By:  /s/ Marcelle Fernandes
                                   --------------------------------------------
                                       Name:  Marcelle Fernandes
                                       Title:  Portfolio Manager

                              By:  /s/ Tro DerBedrossian
                                   --------------------------------------------
                                       Name:  Tro DerBedrossian
                                       Title:  Manger, Underwriter

                                       3

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