UPDATE 1-Boom-to-bust Australian coal baron acquires Anglo American mine

martes 29 de diciembre de 2015 05:09 GYT
 

* Australian coal baron Tinkler returns with mine purchase

* Australian Pacific buys Anglo American mine Dartbrook

* Sees market for low-ash coal amid downturn (Adds CEO quotes, details)

By James Regan

SYDNEY, Dec 29 (Reuters) - Former Australian coal baron Nathan Tinkler has surfaced as buyer for one of the first of many businesses Anglo American is trying to offload as commodity markets deteriorate.

Anglo American last week agreed to sell its 83.33 percent interest in the Dartbrook coal mine - mothballed since 2006 - to Tinkler-led Australian Pacific Coal Ltd.

Tinkler, who rode the mining boom to become Australia's youngest billionaire before losing it all when coal prices collapsed, was appointed chief executive of Australian Pacific Coal on Nov. 2 and owns 37.36 percent of the company.

The one-time electrician last year attempted a comeback in mining but a deal to buy a mine from Peabody Energy fell through when he failed to make a A$70 million closing payment.

As coal markets plummeted, Tinkler was forced to sell assets including a beloved thoroughbred horse farm and a professional soccer club to repay debts.   Continuación...