MARKETS

AusPac sank further into the red with Tinkler sign on

AUSTRALIAN Pacific Coal was paying its former CEO Nathan Tinkler $500,000 a year with a $200,000 ...

Lou Caruana
AusPac sank further into the red with Tinkler sign on

This was almost double the loss it had reported at the end of December 2014.

Earlier this month AusPac appointed director John Robinson Jnr to run the company after Tinkler was forced to relinquish his position over bankruptcy charges.

The company will save some money with Tinkler out of the job as Robinson is only being paid $200,000 compared to Tinkler’s $500 000.

AusPac said it is continuing to progress its search for a replacement CEO.

While in the CEO seat, Tinkler made a number of steps forward for AusPac, announcing plans to buy a majority stake in Anglo American’s Dartbook mine in New South Wales.

He also secured a $20 million convertible loan was sealed earlier this month, despite widespread skepticism that he would be able to obtain funding for the project.

Tinkler has indicated he will appeal the bankruptcy judgement, which centres on a dispute over the sale of his private jet.

The troubled Dartbrook, which has been in care and maintenance since 2006, will be converted from an underground thermal coal mine to an open cut mine in the Hunter Valley, according to AusPac.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production