Rinehart’s former son-in-law bets on coal price recovery

Gina Rinehart’s former son-in-law is quietly working on coal projects near Hancock Prospecting’s own holdings as part of a long-term bet on a recovery in commodity markets, according to The Australian.

Ryan Welker, who worked on Hancock Prospecting’s Queensland coal projects during his marriage to Rinehart’s daughter Hope, told the paper during a visit to Perth last week that he was pulling together a private Queensland coking coal play in the belief that prices will eventually rebound.

“That’s the great thing about this country, this is the greatest country in the world I reckon for this story because you have cycles that have repeated pretty much from the foundation of the country,” Welker said.

Atlas Iron credit rating cut to 'selective default' after debt restructure

The Australian Financial Review reports that ratings agency Standard and Poor's has cut junior iron ore producer Atlas Iron's credit rating for the second time in five months following the implementation of the company's debt restructure.

S&P lowered its long-term corporate credit rating on Atlas Iron to 'SD' or "selective default" from 'CC' and lowered the rating on the company's senior secured notes to 'D' or "default" from 'CC'.

The debt deal, which was implemented last week via a scheme of arrangement, delivered the company's lenders 70% of an enlarged equity base in exchange for cutting Atlas' Term Loan B debt from $US259.3 million to $135 million, extending the maturity to April 2021 and reducing the annual interest expense by around $20 million.

"We lowered the rating on Atlas Iron because we view the creditors' scheme of arrangement as being a distressed debt exchange, as in our view the creditors received less than what was promised on the original TLB," S&P global ratings analyst May Zhong said.

SA Premier to make call on nuclear by end of year

South Australian Premier Jay Weatherill will make a "distinctly political judgment" by the end of 2016 on whether to act on a recommendation to set up a nuclear waste storage facility in the state to generate $100 billion in income over the project's forecast 120-year life, according to the AFR.

The issue of whether Australia should become a large player in underground storage of other nation's spent nuclear fuel rods was thrust into the national spotlight on Monday when a final report by Royal Commissioner Kevin Scarce was publicly released, 14 months after his nuclear inquiry was originally established by Weatherill to kickstart a debate about a nuclear industry.