Former mining magnates receives new financial blow

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 23 Sep 2013   Posted by admin


FORMER billionaire Nathan Tinkler’s financial woes look set to continue, after one of his companies was placed in receivership in early September.
Aston Metals Group – a base metals explorer with tenement holdings in the Mount Isa region – was one of Mr Tinkler’s last remaining mining assets after he was forced to sell his stake in Whitehaven Coal for $600 million in June.
The Tinkler Group told The Australian that Aston Metals was considered a “dormant, speculative investment” by the company and other shareholders.
“Our main joint venture partner, Orchard Capital Partners in Hong Kong, is experiencing financial difficulties in one of its funds and as a result, took the unexpected decision to place Aston
Metals into receivership,” a Tinkler Group spokesman said.
“We will work with the receivers and other Aston Metals’ shareholders for a speedy resolution to the situation.”
The appointed receivers and managers to the Aston Metals Group, John Park and Quentin Olde of FTI Consulting, have started the process of finding a buyer.
An FTI spokesman told The Australian that Aston Metals and Mr Tinkler had received a number of notices in the previous 30 days requesting payment. Mr Tinkler had been under financial pressure for some time as coal prices plummeted, leading to the sale of his stake in Whitehaven, the liquidation of other companies, and the sale of personal assets.