Peabody Says It’s Still Talking With Tinkler on Mine SaleTim Loh
Peabody Energy Corp., the largest U.S. coal producer, said it’s still in talks with Nathan Tinkler about the sale of its Wilkie Creek mine, following a report that the former Australian billionaire missed a payment for the asset.
Tinkler, who’s trying to buy the Queensland mine through his Singapore-based company Bentley Resources Ltd., missed a June 30 deadline for the payment, the Australian Financial Review reported, citing people it didn’t identify. Peabody agreed in May to sell the mine to Bentley for $70 million and the assumption of liabilities including rail and port obligations.
“We continue to work with Bentley Resources to achieve the milestones we have previously laid out,” Chris Curran, a spokesman for St. Louis-based Peabody, said today in an e-mail. He declined to comment on the missed payment.
Tinkler, an electrician-turned-entrepreneur, was ranked as Australia’s youngest billionaire at the age of 35 by BRW magazine in 2011 before a series of court cases and asset sales combined to reduce his wealth.