Hillalong mining project in Queensland – Tinkler’s return to create a new buzz in mining
Former coal baron Nathan Tinkler, has got his foot back into the coal business once again.
He is now managing director of ASX listed Australian Pacific Coal.
The former mining billionaire has struggled†to get back into†the coal mining game after a series of unfortunate events. Mr Tinkler built a huge billion-dollar fortune in haste through a series of coal asset purchases and large shareholding in Whitehaven Coal.
His meteoric rise to fame in the mining industry was the story of legends, how an electrician became a billionaire in a short space of time, yet just as quickly – it was stripped away as debt piled up and coal prices went south, forcing him to relocate and set up camp in Singapore.
$13 million of his own money
Tinkler sunk around $13 million of his own money into the deal and it’s thought his salary for his managing director†role will be†$500,000. It’s also been noted that a $200,000 sign-on bonus was included to sweeten the deal.
Australian Pacific’s key asset is the Hillalong project in Queensland, which is also close to Rio Tinto’s Hail Creek mine.
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