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Tinkler to heed 鈥榣essons learned鈥� in new coal executive gig
Former coal baron Nathan Tinkler says he has taken the helm of an ASX-listed coal miner for the first time because of 鈥渓essons learned鈥� during his time in the industry, and he is confident Australian coal 鈥渉as a major role to play in society鈥�, according to the Australian Financial Review.
On Monday, Tinkler became managing director of metallurgical coal play Australian Pacific Coal, a tiddler trading at less than 1c. It picked its main exploration project, in Queensland, up after Rio Tinto dropped it.
Chinese miners steel themselves for decline
More than half China鈥檚 small iron ore miners have been forced out of business since early last year, as they struggle with weak demand and are unable to match the cost advantage of foreign giants, Rio Tinto, BHP Billiton and Vale, according to the Australian Financial Review.
The closure of uncompetitive local mines has allowed the foreign giants to grab market share, as the iron ore price halved to below $US50 a tonne over the past 12 months.
Backdoor listings not all bad news for resources companies
The disappearance of scores of listed junior resources companies from the local bourse appears, on first glance, as another indication of the dire conditions pummelling the industry, according to the Sydney Morning Herald.
But some commentators view the trend more positively, labelling it an essential step in restoring investor confidence in resources stocks.
