INTERNATIONAL COAL NEWS

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

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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.

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