PERTH (miningweekly.com) – Mining personality Nathan Tinkler has resigned as MD and CEO of ASX-listed Australian Pacific Coal (APC) after he was declared bankrupt by the Federal Court.
The Federal Court judgment related to a dispute over money owed from the 2013 sale of a luxury jet, with court documents indicating that Tinkler owed GE Commercial Australasia some A$2.8-million.
APC said on Wednesday that while the judgment removed Tinkler’s ability to perform his current role for the company, it was unrelated to the services that Tinkler had carried out for the company since his appointment in late 2015.
APC earlier this month raised A$20-million to fund its acquisition of an 83.33% interest in the Dartbrook joint venture (JV), in New South Wales.
The company in December last year inked an agreement with diversified miner Anglo American to acquire the majority interest in the Dartbrook JV for up to A$50-million.
The transaction fee would comprise an upfront cash payment of A$25-million and the grant of a royalty equal to A$3/t of coal produced by the operation in the future and A$0.25 for each tonne of coal sourced from other sites and processed using Dartbrook’s processing infrastructure.
The deal also comprised royalty payments that would be subject to escalation with reference to the Brisbane All Groups Consumer Price Index and capped at A$25-million (in real terms).