RAGS-TO-RICHES coal baron Nathan Tinkler, who rode the mining boom to become Australias youngest billionaire before losing it all when coal prices collapsed, has been declared legally bankrupt after failing to pay off a private jet.
The bankruptcy order comes 10 years after the 40-year-old scraped together a A$1 million (US$728,700) deposit for a rundown coal mine that returned a profit of A$442 million 18 months later.
At that time, coal was at the forefront of a boom in Australian mining, with rising orders from fast industrializing Asia creating a rush of development and consolidation.
Tinkler quickly parlayed a series of audacious deals into a fortune, far removed from his days as an apprentice at one o…
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