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csg oy Fernie and Rachel Wight Construction Aboutusgenericimage_3 Greg Byrne, Downing; Ian Reed, QNP Dorothy and Frank Wilson Brian and Merilyn Lloyd (L-R)Gerda Dickfos, Heather Dellar and Rosie Dickens Aboutusgeneric_2 Margaret Hanrahan and Gladys Holmes Rosemary McLeod and     Laurel Weedon Marg Ross and Cheryl Gothmann Jo-Anne Burke, DB Scaffolding; Susan McGuire, Mayogroup mining fifo
csg oy Fernie and Rachel Wight Construction Aboutusgenericimage_3 Greg Byrne, Downing; Ian Reed, QNP Dorothy and Frank Wilson Brian and Merilyn Lloyd (L-R)Gerda Dickfos, Heather Dellar and Rosie Dickens Aboutusgeneric_2 Margaret Hanrahan and Gladys Holmes Rosemary McLeod and     Laurel Weedon Marg Ross and Cheryl Gothmann Jo-Anne Burke, DB Scaffolding; Susan McGuire, Mayogroup

Tinkler returns to where it all started
CQ MINE tenements double in value as investors speculate on the bottom for coal.
Wednesday 29 July 2015  

ALL eyes are on small central Queensland coal explorer, Australian Pacific Coal (APC), today with shares in the business expected to resume trading after high profile investments in the company sent shares up more than 200 per cent and into a trading halt.

On Monday, high profile resources investor Nathan Tinkler and Trepang services - a company owned by the wealthy Northern Territory based Paspaley and Robinson families - bought between them 54 million shares for just under $210,000.

The purchase represents around 15 per cent of the business, whose value has collapsed from a high of nearly $0.75 in 2005 to a low of just $0.002 this month.  

In April, APC announced it had just $300,000 of working capital to proceed with, and in June its future looked even more bleak following a decision by Rio Tinto not to continue with its JV on the Hillalong tenement adjacent to Hail Creek mine west of Mackay.

The decision by Rio Tinto was a damaging blow to APC, who were pinning their hopes on Rio Tinto buying the tenement from them after 12 months of drilling.

“Our main joint venture is with Rio Tinto,”  CEO Paul Byrne said in April.

“If Rio exercises its option to proceed, this will mean a large cash injection into APC and

a lot of optionality available to our company.”

It is unclear which of the company's assets are the ones considered attractive by its new investors.

On the one hand, the Hillalong tenement clearly has strategic potential.

Rio Tinto would not have spent 12 months drilling the resource if they did not think it had potential, and a decision not to buy now could have been made for all sorts of reasons unrelated to the results of the drilling.

On the other hand, APC says its flagship project is its Cooroorah tenement between Curragh and Jellinbah mines near Blackwater.

That project has advanced to the mineral development licence stage and has a deposit of around 125 million tonnes of metallurgical and thermal coal.
At any rate, APC have welcomed the interest this week.

“The proceeds from the placement will enable the company to continue the focussed exploration strategy of its tenements,  as well as provide additional working capital,” APC Chairman, Peter Zeigler, said.

“We welcome the confidence that the new investors have demonstrated in the value of APC’s projects and look forward to continuing the process toward development of our resources and thank our existing shareholders for their continued support.”

Mr Tinkler shot to fame in 2009 when he topped the Australian BRW Rich List for people under 40. His personal wealth at the time was estimated to be $441 million.The former electrician who worked in Newcastle coal mines made a fortune selling stakes in several mining companies around Middlemount.


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