Aston Metals in receivership
Receivers have been appointed to a Nathan Tinkler-linked firm, Aston Metals Group, after Mr Tinkler failed to pay off debts related to the mining company.
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Aston Metals is an unlisted copper explorer with tenement holdings in the Mount Isa region of north-west Queensland.
The receivers, John Park and Quentin Olde of FTI Consulting, were appointed by Madison Pacific Trust Ltd in its capacity as security trustee over all the secured property of Aston Metals.
"Aston Metals and Mr Tinkler have received a number of notices over the previous 30 days requesting payment of the debt as per the rights of the secured creditor," the receivers said.
"This would not be a surprise for Aston Metals or Mr Tinkler."
The Walford Creek copper, lead and zinc deposit is the primary focus of Aston Metals.
The receivers said they would 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 owing 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 racehorses.
A spokesman for the Tinkler Group said Aston Metals was a "dormant, speculative investment near Mount 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."
