Tinkler disputes pay obligation

A company associated with embattled coal baron Nathan Tinkler denies any obligation to give its former chief executive equity rights in two successful mining deals, according to the Australian Financial Review.

Aston Resources has argued the deal, nutted out by Tinkler – the former billionaire and BRW Young Rich Lister who has fallen on hard times – with its former head, Hamish Collins, was “so uncertain as to be unenforceable” in a court.

The document, filed in the NSW Supreme Court, is an attempt to prevent Aston from being forced to pay out any more money at a time when Tinkler’s financial position is under mounting scrutiny.

Instead, the mining entrepreneur argued through Aston Resources, Collins agreed to accept 5% of Aston Copper’s interest in MM Mining, a different and far less profitable venture.

Offshore investors fuel the boom

Foreign investors are the overwhelming force behind Australia's resources investment boom, which has been so profitable that resource companies haven't needed to tap shareholders or banks for extra funds, according to The Australian.

Publicly listed companies have provided more than 90% of the $284 billion spent on new and upgrading existing resource projects since 2003, and a little more than half of these are Australian-based entities, new Reserve Bank analysis shows.

Policy imperils $530m energy funds

A report released at the Energy State of the Nation conference says volatile policy, unfavourable tax changes and continued government ownership of power assets are deterring foreign investment in Australia’s energy sector and jeopardise the $530 billion of investment needed through to 2030, according to the Australian Financial Review.

Changes in tax and energy policy are needed to help address the problem and attract more foreign capital.

The report, by KPMG and the Energy Policy Institute, also calls for the privatisation of energy assets in NSW, Queensland and WA, and for retail price caps to be scrapped to reduce market risk.