Chimaera link in Pluton saga
The shipment of Kimberley iron ore at the centre of a dispute that sent Pluton Resources into receivership was sold to a company part-owned by Chimaera Capital, the finance house chaired by Pluton director Sal Catalano.
It was Pluton's alleged failure to send a shipment of high-grade ore from its Cockatoo Island mine to the nominee of Rizhao Port Group Logistics that triggered Rizhao's October 31 call to appoint receivers.
That shipment, of about 40,000 tonnes, was instead sold to Singapore-based Silver Fir Pte Ltd, which is majority owned by Chimaera Capital and two fellow Chimaera directors, Angelo Catalano and Ian Pattison.
Singaporean company records show Silver Fir has seven shareholders. Chimaera Capital owns 44 per cent of the company, Angelo Catalano holds 11.8 per cent of its stock and Mr Pattison 4.4 per cent. Another company, Bedriacum Pty Ltd, lists the same registered address as Chimaera and holds 4.5 per cent of Silver Fir.
Pluton receivers and managers KordaMentha yesterday said Silver Fir had failed to pay for the shipment on the terms agreed, and it was pursuing the company for payment.
Mr Catalano was appointed as a Pluton director on August 15, around the time the struggling company gave Chimaera a mandate to assist in restructuring its debt. He was due for election at Pluton's annual meeting, which was scheduled for this month.
The Chimaera mandate was first disclosed to the market in October, when Pluton said in a disclosure statement the financial services group would assist it recapitalise and help conduct a review of key contracts "including sales and marketing arrangements in respect of all products".
Until the receivers were called in, the right to market the ore was held by its estranged Chinese joint venture partner at Cockatoo Island, Wise Energy Group.
It is understood the shipment was due to be unloaded in China over the weekend. KordaMentha confirmed it was "still in the hands of the receivers". It is understood Silver Fir was due to pay for the ore while it was in transit.
Mr Catalano could not be contacted yesterday.
