Tinkler makes $5M payment on Siena, Electra

MINING magnate Nathan Tinkler has paid the second instalment of $5 million to Norton Gold Fields for coal assets bought from the gold mining company in December 2010 for $30 million.
Tinkler makes $5M payment on Siena, Electra Tinkler makes $5M payment on Siena, Electra Tinkler makes $5M payment on Siena, Electra Tinkler makes $5M payment on Siena, Electra Tinkler makes $5M payment on Siena, Electra

Nathan Tinkler

Lou Caruana

Tinkler’s Boardwalk Resources owed half the purchase price for the Siena and Electra coal assets in Queensland, with the final instalment of $10 million due at the end of 2012.

The assets will be part of a $5.1 billion merged company that includes the assets of Boardwalk Resources, Aston Resources – which is chaired by Tinkler – and Whitehaven Coal.

Whitehaven Coal managing director Tony Haggarty will lead the merged company if a scheme of arrangement is approved by shareholders.

The merger of the three companies – under the chairmanship of Tony Vaile – would create a coal company with saleable production of 6 million tonnes per annum of coal in FY2012. This is expected to increase to 25Mtpa by FY2016 and lead to a commanding position in the growing Gunnedah Basin of New South Wales.

The combined group would have JORC compliant resources of 2451Mt and JORC compliant recoverable reserves of 842Mt.

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