Another Nathan Tinkler firm in receivership

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Another Nathan Tinkler firm in receivership

By Georgia Wilkins

Receivers have been appointed to a Nathan Tinkler-linked firm, Aston Metals Group.

Aston Metals is an unlisted copper explorer with tenement holdings in the Mount Isa region of north-west Queensland, Australia.

The receivers were appointed by Madison Pacific Trust Ltd in its capacity as Security Trustee over all the secured property of Aston Metals.

The Walford Creek copper, lead and zinc deposit is the primary focus of Aston Metals.

The company is Mr Tinkler’s main asset in the resources sector after he sold his stake in Whitehaven Coal for $600 million in June.

FTI Consulting will review the status of all projects owned by Aston Metals as part of their appointment with a view to offering them for sale.

During a liquidators examination earlier this year it was revealed the Tinkler Group Family Trust owned Aston Metals.

Mr Tinkler, a former billionaire, has been under financial pressure for some time due to the end of the coal price boom.

He has been unable to repay massive debts to creditors, leading to the sale of his Whitehaven stake, the liquidation of other companies, and the sale of assets including race horses and helicopters.

Mr Park was an administrator of collapsed Gold Coast-based fund manager LM Investment Fund, before being removed by the Queensland Supreme Court for acting outside the best interests of the fund.

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A spokesman for The Tinkler Group said Aston Metals was a ‘‘dormant, speculative investment near Mt Isa’’ held by The Tinkler Group and other shareholders.

‘‘Our main joint venture partner, Orchard Capital Partners in Hong Kong, is experiencing financial difficulties in one of its funds and as a result, took the unexpected decision to place Aston Metals into receivership,’’ he said.

‘‘We will work with the receivers and other Aston Metals’ shareholders for a speedy resolution to the situation.’’

with AAP

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