News Wrap

IN THIS morning’s News Wrap: Tinkler whiffs a chance at a comeback; NSW to benefit from coal-led recovery; and cyclone lifts iron ore price.

Lou Caruana

Tinkler sniffs a chance of a comeback

Nathan Tinkler could be attempting to engineer another coal deal that could restore his fortunes after a miserable 2013, according to the Australian Financial Review.

Industry sources say he has been sniffing around the numerous coal assets that are – nominally, at least – up for sale in Queensland and New South Wales, with the promise of getting Chinese money to finance any deal.

While Tinkler has burnt many investors over the past couple of years, there is no doubting his ability to build a mine and this could be enough for the Chinese.

Todd Hannigan and Tom Todd, who made their fortune by leading Tinkler’s Aston Resources before it listed, may also be involved.

NSW to benefit from coal-led recovery

NSW Trade and Investment Minister Andrew Stoner says the state's industries are well placed to lead a national economic recovery next year despite a drop in the value of NSW's exports last financial year, according to the Sydney Morning Herald.

Falling commodity prices and the relatively high value of the Australian dollar affected the earnings of key state exports in 2012-13.

The value of NSW's biggest export earner, coal, fell 7.5% despite a rise in the volume of sales, while exports of education services have fallen for the past three years due, in part, to the high dollar.

As a result, the overall value of total NSW goods and services exports fell by 4% last financial year, a state government report on trade and investment released on Monday says.

Cyclone lifts iron ore price

The price of Australia's key export – iron ore ¬– will start 2014 on a firmer footing as bad weather here and abroad hits the world's largest producers of the steelmaking ingredient, according to The Australian.

Australia's key iron ore port, Port Hedland, was in lockdown last night ahead of Tropical Cyclone Christine, forcing BHP Billiton and Rio Tinto to stop loading ships.