From The Advocate (online) today by Sean Ford: Foreign...

From The Advocate (online) today by Sean Ford:

Foreign investment watchdog believed to have approved disputed mine deal

The controversial sale of a shuttered Tasmanian mine is believed to have been ticked off by the foreign investment watchdog.

It is understood former employees at the Avebury Nickel Mine, near Zeehan, have been told the Foreign Investment Review Board has approved the deal.

It involves international commodities trader Hartree buying delisted and failed nickel miner Mallee Resources Limited, along with the West Coast mine.

Hartree was Mallee's major creditor and offtake partner before Mallee collapsed.

The mine was placed on care and maintenance earlier this year, with about 300 workers losing their jobs.

Avebury's closure followed Mallee going into receivership when Hartree Partners refused further extensions to loan repayments.

It appears Mallee shareholders will get very little back, or nothing.

Workers are understood to have had to seek help from a federal government scheme to gain their entitlements.

There is no suggestion there are plans to reopen the mine any time soon, amid weaker nickel prices.

Hartree might attempt to on-sell it.

Mallee restarted the mine in 2022 after a long period on care and maintenance under previous owners.

Industry figure and significant Mallee shareholder Geoff Summers said he had offered $US100 million to buy the mine, with firm backing from business partners, but that was not accepted.

He said his plan would have involved "keeping everyone employed", paying the creditors, honouring shareholders' investments and expanding operations.

Mr Summers and another major investor in Mallee - Marc De Stoop - both recently called for the proposed Hartree deal to be investigated.

Braddon' Liberal MHR Gavin Pearce several months ago urged the Foreign Investment Review Board, the Australian Securities and Investments Commission and Treasurer Jim Chalmers to have the deal investigated. He also wanted it to be probed in the Senate, as did Mr Summers.

Mr Summers on September 8 said he was still keen to buy the mine.He said he expected shareholders - "mum and dad investors, retirees, etc." - would get nothing under current arrangements. "Workers have to beg for money off the government," he said."Creditors are meant to get 3 cents in the dollar." He said it was not known if ASIC was investigating."Where's the government?" he said. "Where's ASIC?" This is not in any way in Australia's interest." He was scathing of state politicians, saying no state Liberal or Labor MP had done anything to protect the jobs.He said they could have "stepped in" and lobbied Dr Chalmers .He said Mr Pearce and, he believed, Tasmanian Labor Senator Anne Urquhart, had contacted Dr Chalmers about the issue. He said he never heard back from Senator Jacqui Lambie.