Nathan Tinkler’s much heralded return to coal mining might be on hold, according to the AFR which this morning reports he missed a crucial payment on the acquisition of the Wilkie Creek mine from Peabody Energy.
Recently, claims that his backer, US investment bank Jeffries and Co, was shopping the deal to other parties were denied by Tinkler. He said the delay in settling the sale of his horse breeding empire Patinack Farm was responsible for the hold-up but had been “solved”.
However the AFR says that the former billionaire missed a scheduled June 30 payment.
Wilkie Creek is in mothballs at the moment and likely in a valuation freefall with the thermal coal price.
So it’s no surprise both Jeffries and Peabody want to settle the deal by the end of 2014 which corresponds with the US financial year.
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