MARKETS

Hogsback reminisces about Nathan Tinkler and the Black Knight

IF the team behind the Monty Python television show had not based their comic creation, the Black...

Staff Reporter

As it happened the wrestlers were chosen thanks to the legend about their being locked in combat until one gave in only to discover that his rival, who was declared the winner because he did not give in, had already died.

The moral behind that tale is that you can be winner even if you’re dead.

Nathan Tinkler is certainly not dead, as can be seen by the blitz of publicity associated with his purchase, or should that be planned purchase, of the Dartbrook coal mine in the Hunter Valley of New South Wales.

But, there’s a long way to go before Tinkler can be declared the winner, starting with the fact that the first $25 million, half what Anglo American expects to get for the mothballed mine, must be handed over by January 31 with the balance due later.

In a boom the challenge of raising $25 million is hardly a challenge at all, more a case of dipping into the petty cash tin. In a bust, like now, $25 million is a fortune.

Tinkler, however, reckons that getting the cash will be a breeze because he has the backing of Australia’s “pearl kings”, the Paspaley family of Darwin and property developer, John Robinson.

Said quickly and Tinkler makes it sound easy though that’s when The Hog has visions of the Black Knight who, for younger readers not familiar with Monty Python, is the character who stood guard at a small bridge, refusing to let anyone pass, including King Arthur.

Annoyed by the Black Knight’s intransigence and sword-waving threats King Arthur hacks off the Black Knight’s arm which the one-armed bridge defender describes as a “scratch”

The rest of the skit is more of the same, until the Black Knight has lost both arms and both legs at which point he demands that the fight be declared a draw while also threatening to bite King Arthur in the legs.

Telling the story of the Black Knight, and the Roman wrestler who died but was declared winner because his rival quit first is a long-winded way of getting to the Tinkler situation, but it is important to recognise determination that some people bring to the job.

The Black Knight, without arms and legs, wanted to fight on using his teeth which, in a way is what Tinkler seems to be doing after the “scratch” inflicted by past business failures, the current threat of a demand from the Australian Tax office for $10 million in alleged unpaid taxes, and the need to find $25 million in the next three weeks to reach first base with the Dartbrook deal.

Once those hurdles are cleared there’s the small matter of finding another $30 million and that’s before locking horns with anti-coal protestors who are determined to drive coal mining out of the Hunter Valley.

If what’s happening with Dartbrook and Tinkler was a television skit then it might be possible to enjoy the event as a comic drama with the key roles being played by some of the biggest names in Australian business.

Tinkler obviously sees himself as the hero in what’s happening. Like the Black Knight guarding his bridge against all odds Tinkler is doing what he believes is right, making an offer to buy a coal mine at a time when everyone else seems to be selling.

Foolhardy in the eyes of some people there is also something admirable about anyone who stands up against seemingly insurmountable and odds and says “I dare you to say I’m wrong – or to try and cross my bridge”

The Hog is not brave enough to challenge Tinkler to a duel, preferring to wait and see whether he meets the January 31 deadline for handing over the first $25 million.

Once Tinkler clears the cash hurdle he can get ready for the battle with anti-coal activists in the Hunter, including some his long-time associates and fellow racehorse owners such a retail wizard Gerry Harvey and Sydney radio announcer, Alan Jones.

If those obstacle are cleared the Black Knight, sorry, Nathan Tinkler, can get ready for a fight with environmental protestors who will side with Harvey and Jones, not to mention government officials in Sydney and Canberra who dislike the idea of a closed coal mine being re-opened.

Tinkler seems oblivious to the many tests that are ahead of his plans for Dartbrook and his comeback corporate vehicle, Australian Pacific Coal – just as the Black Knight was unaware of the problem caused by King Arthur removing his arms and legs.

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

Mining Magazine Intelligence: Automation and Digitalisation Report 2024

Exclusive research for Mining Magazine Intelligence Automation and Digitalisation Report 2024 shows mining companies are embracing cutting-edge tech

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