News Wrap

IN THIS morning’s News Wrap: Nathan Tinkler skips out on Wilkie Creek mine; Palmer signed contract restricting use of Citic funds to port operations; and green energy sector warns against RET flip-flop.

Lou Caruana

Nathan Tinkler skips out on Wilkie Creek mine

Nathan Tinkler has missed a scheduled payment on his $150 million acquisition of Peabody Energy’s Wilkie Creek coalmine, casting doubt once more on the fallen tycoon’s ability to stage a return to the resources sector, according to the Australian Financial Review.

According to sources, Tinkler – who now lives in Singapore following the collapse of his business empire – had committed to paying a portion of the sale price on June 30.

However, the deadline passed without a payment being made.

US coal giant Peabody Energy is understood to have granted an extension to Tinkler and his New York-based financiers, although it’s not clear for how long.

Palmer signed contract restricting use of Citic funds to port operations

Clive Palmer personally signed off on documents that explicitly state that money in an administrative fund could only be used in the administration of a port, contradicting his claim that the money in the account was his to use as he pleased, according to The Australian.

Palmer told the National Press Club on Monday that $2.167 million paid to Brisbane-based Media Circus Network from an administrative account funded by China’s Citic Pacific was probably spent on advertising during the Palmer United Party’s federal election campaign, but claimed his private company Mineralogy had “got the right to do that”

Green energy sector warns against RET flip-flop

The green energy sector has put $15 billion of new investment on hold pending a review of the Renewable Energy Target and warned that Australia’s foreign investment credentials are on the line if the RET is scrapped or watered down, according to The Australian.