News Wrap

IN THIS Morning’s News Wrap: Political posturing threatens mining industry, says Yancoal CEO; Rinehart’s Hancock Prospecting tips iron ore price recovery; and GE Commercial seeks to bankrupt Nathan Tinkler over jet sale.

Lou Caruana

Political posturing threatens mining industry, says Yancoal CEO

Yancoal Australia chief executive Reinhold Schmidt has warned that the mining industry is at risk of being damaged by “political point scoring” which could deter foreign investment and spark a “regional recession” in New South Wales, according to the Sydney Morning Herald.

In a speech to be delivered at a conference in Sydney today, the head of the Chinese-owned local coal miner will argue a raft of recently proposed changes to legislation and industry policy threaten the attractiveness and viability of the industry as miners battle a depressed global market.

Rinehart’s Hancock Prospecting tips iron ore price recovery

Gina Rinehart’s most trusted lieutenant expects the price of iron ore will recover to $US80 a tonne despite surging supply and has said the $US10 billion ($13.7 billion) Roy Hill project will start shipping ore in early October, later than scheduled, according to the Australian Financial Review.

Hancock Prospecting executive director Tad Watroba said the long-term fundamentals for the iron ore industry remained solid despite the price falling to a six-year low of $US44 a tonne in early July.

GE Commercial seeks to bankrupt Nathan Tinkler over jet sale

High-flying former billionaire Nathan Tinkler is facing bankruptcy over $2.8 million owed from the forced sale of his luxury private jet, according to the Sydney Morning Herald.

In a week of high drama for the former mining tycoon, it has been revealed GE Commercial Australasia slapped Tinkler with a bankruptcy notice on June 25.

According to Federal Court records, the lender applied for a sequestration order against Tinkler, claiming he owes $US2.3 million which he was ordered to pay by the NSW Supreme Court on May 19.

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