Stanmore tips more coal mergers and acquisitions to come

The man who bought Queensland's Isaac Plains coking coal mine for $1, Stanmore Coal managing director Nick Jorss, believes the coal sector will witness more mergers and acquisitions in the near future, according to the Australian Financial Review.

He said his company would be among those keen to buy mines put on the market by multinationals like Anglo American, Peabody Energy and Rio Tinto.

“Absolutely there is a lot of formal processes being run at the moment so I expect that will result in quite a number of changes in ownership for coal assets,” he said.

Palmer could be forced to give evidence over QNI collapse

Clive Palmer could be forced into the witness box to give evidence about why he is not paying more than $300 million in debts from the collapse of Queensland Nickel, according to the Australian Financial Review.

Federal Court Judge John Dowsett on Wednesday approved the Commonwealth appointing a Special Purpose Liquidator, Stephen Parbery from PPB, to the financial collapse of Palmer's refinery.

But in a worrying move, lawyers for the Commonwealth applied and were successful in sealing funding agreements which would show how much taxpayer's money will be used to chase Palmer's debts.

Citation Resources takes former director to court over missing $2 million

The board of a Perth junior resources company, Citation Resources, has taken the extraordinary step of suing former director Peter Landau to recover about $2 million it believes went missing from the company's coffers, according to the Sydney Morning Herald.

Citation revealed on Wednesday it had launched legal action against Landau after a forensic investigation by KordaMentha, which compiled a report on the “integrity of transactions” involving about $2 million.

Landau told Fairfax Media he would defend the proceedings.