One small win for Whitehaven but all eyes remain on Tinkler

Whitehaven Coal celebrated a small win last week with the conditional approval of its prized Maules Creek asset but it could also be the catalyst that kicks off another bumpy ride with major shareholder Nathan Tinkler, according to The Australian.

Tinkler reluctantly did the media rounds ahead of his failed $5.2 billion bid for the company last August but a second attempt is likely to be more low key, with the young entrepreneur quietly sounding out international investors in New York.

Rinehart’s Roy Hill no longer needs foreign workers

Gina Rinehart’s Roy Hill iron ore project no longer needs the 1700 foreign workers it applied for under the first of the federal government’s enterprise migration agreements, according to the Australian Financial Review.

Executives working on the $9.5 billion project, which is majority owned by Rinehart’s Hancock Prospecting, say the labour market has cooled sufficiently to source all 8000 construction workers needed locally.

“Recent detailed market research and contractor feedback indicates that under prevailing economic conditions we should now be able to secure our construction skills requirements within Australia,” manager Darryl Hockey said.

Native title wins may face tax bill

Indigenous groups that acquire native title rights may have to pay huge amounts in capital gains tax unless the government can push through an exemption, according to the Australian Financial Review.

The federal government is struggling to win support for new legislation exempting native title rights from the tax liability.

The Australian Taxation Office is considering reversing its position that native title rights are exempt from capital gains tax if the legislation fails to pass Parliament.