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Nathan Tinkler sells stud farm business Nathan Tinkler sells stud farm business
(35 minutes later)
One-time coal billionaire Nathan Tinkler has sold his Patinack Farm racehorse operation. Nathan Tinkler has sold his Patinack Farm racehorse operation to provide funds to rebuild his mining empire.
Patinack has been sold to a consortium of local and overseas buyers, including Middle East-based investors, but the sale price has not been disclosed.Patinack has been sold to a consortium of local and overseas buyers, including Middle East-based investors, but the sale price has not been disclosed.
Tinkler put Patinack on the market more than a year ago, with the now-Singapore-based businessman saying he no longer had time to run the business. Tinkler, whose coal mining empire was once valued at more than $1bn, put Patinack on the market more than a year ago and said that because he was now based in Singapore he no longer had time to run the business.
Industry sources put the possible sale price at between $100 million and $200 million when Patinack was placed on the market in 2013. Industry sources put the possible sale price at between $100m and $200m when Patinack was placed on the market in 2013.
In a statement on Wednesday, Tinkler said his Tinkler Group was concentrating on resources projects.In a statement on Wednesday, Tinkler said his Tinkler Group was concentrating on resources projects.
"As I now reside overseas and my focus is on our core operations in resources and mining, I am pleased to secure new owners who will take this project forward," he said of Patinack."As I now reside overseas and my focus is on our core operations in resources and mining, I am pleased to secure new owners who will take this project forward," he said of Patinack.
"The sale will allow further capital to be used in the development of our existing operations.""The sale will allow further capital to be used in the development of our existing operations."
The sale was negotiated by a United Arab Emirates-based investment company, Cibola Capital, and is to be completed within weeks.The sale was negotiated by a United Arab Emirates-based investment company, Cibola Capital, and is to be completed within weeks.
Cibola Capital chief executive Daniel Kenny said the consortium wanted to expand the Patinack business "by investing in breeding and racing across Australia and internationally".Cibola Capital chief executive Daniel Kenny said the consortium wanted to expand the Patinack business "by investing in breeding and racing across Australia and internationally".
The Patinack sale includes 600 horses and properties in NSW, Queensland and Victoria, including the major Sandy Hollow breeding facility in the Hunter Valley.The Patinack sale includes 600 horses and properties in NSW, Queensland and Victoria, including the major Sandy Hollow breeding facility in the Hunter Valley.
Tinkler has been back in the headlines recently after giving evidence at a corruption inquiry into political donations in NSW and reports he has bid for a Queensland coalmine.Tinkler has been back in the headlines recently after giving evidence at a corruption inquiry into political donations in NSW and reports he has bid for a Queensland coalmine.
The one-time coal baron's fortune has slumped and in 2013 he faced a liquidator's investigation into his assets after one of his companies, Mulsanne Resources, was wound up over a $28.4m debt.The one-time coal baron's fortune has slumped and in 2013 he faced a liquidator's investigation into his assets after one of his companies, Mulsanne Resources, was wound up over a $28.4m debt.