Itochu sale lifts Aston Resources to profit

Aston Resources, backed by Nathan Tinkler, has filed a maiden net profit after crush sand plants in hyderabadtax of $242.9 million, largely because of its sale during the year of 15 per cent of its giant Maules Creek project to Japan's Itochu Corporation for $345m.

Mr Tinkler is the major shareholder in the company, whose sole interest is to develop a coal mine at Moules Creek in the Gunnedah Basin, with exports due to start in 2013 through the port of Newcastle. The company has ambitious plans for the Moules Creek mine, including running its own trains from near Gunnedah to Newcastle, where Mr Tinkler is planning to build another massive coal loader with capacity to handle 100 million tonnes annually. The proposal is controversial in Newcastle, as Mr Tinkler is planning to use the old BHP site on the Hunter River, whereas the state government is trying to concentrate new port development across the...