Nathan Tinkler mulls over second float

Coal and thoroughbred racing entrepreneur Nathan Tinkler is reportedly considering floating a copper-focused mining company early in the New Year.

Just a few days after Tinkler paid $480 million for an undeveloped coal project in New South Wales, he is believed to be proceeding with plans to float a second firm, MM Mining, in the next few months.

According to a report in the Australian Financial Review, MM Mining holds the rights to any base and precious metals found on a huge parcel of land near Mount Isa, in the heart of Queensland’s copper belt.

Tinkler is believed to be looking to raise $40 million to fund two years of exploration in the holding.

A prospectus is expected to be released in January ahead of a float in February.

Tinkler is perhaps best known as one of Australia’s biggest owners of thoroughbred race horses, after spending around $200 million to establish a breading, training and racing operation.

The bulk of his fortune comes from the sale a coal mine to Queensland-based coal company Macarthur Coal in a deal that will eventually be worth more than $400 million.