News Wrap

IN THIS morning’s News Wrap: NSW Planning approves Rio mine expansion; ‘tainted’ coal licenses axed without compensation; and Clive Palmer wealth shrinks 40%, says Forbes magazine.

Lou Caruana

NSW Planning approves Rio mine expansion

Rio Tinto has had a small win in the long-running battle over the Mt Thorley-Warkworth mine in New South Wales, after winning permission to begin a small expansion of the mine, according to the Australian Financial Review.

‘Tainted’ coal licenses axed without compensation

The NSW government will cancel the coal licenses worth hundreds of millions of dollars - awarded by former Labor minister Ian Macdonald - without paying compensation, according to The Australian.

Legislation introduced into the NSW parliament yesterday means the coal exploration licenses for Doyles Creek, Glendon Brook and Mt Penny, in the Hunter Valley, will be cancelled.

Clive Palmer wealth shrinks 40%, Forbes magazine says

Mining magnate turned federal MP Clive Palmer has lost an estimated 40% of his wealth during the past year from the resources downturn.

The man who represents constituents on Queensland's Sunshine Coast is worth an estimated $631.75 million, says Forbes Asia magazine.

Meanwhile, on the Forbes Australia Rich List, Anthony Pratt has leapfrogged gaming tycoon James Packer to become Australia's second-richest person.

While Palmer is still Australia's richest MP, he is far from being a billionaire, as a BRW report last year estimated.

The colourful entrepreneur and Palmer United Party founder just scraped into Forbes' prestigious top 50 wealth list, falling from the No. 31 position he held a year ago.

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