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Tinkler Sells Patinack Farm

Thursday, 22nd May 2014

Former mining billionaire Nathan Tinkler has sold his Patinack Farm horse racing operation, reports heraldsun.com.au. 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. The sale comprises of 600 horses and properties in NSW, Queensland and Victoria, including the stud's Sandy Hollow breeding facility in the NSW Hunter Valley. The bloodstock component includes Patinack's stallions Trusting, Murtajill and Monaco Consul. Industry sources estimated the sale price at between $100 million and $200 million when Patinack was placed on the market last year. In a statement on Wednesday, Mr Tinkler said he 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. "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 expected to be finalised in coming weeks.

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