CITY BEAT: On the run by: James McCullough From: The Courier-Mail December 22, 2011 12:00AM
FERTILE GROUND
ROB Millner, who chairs both Washington H Soul Pattinson and New Hope Corporation, looked to have taken a liking to another energy investment this week - which wouldn't have surprised since they have made the group many, many millions in the past few years.
Coal and coal seam gas investments have been the big money spinners.
But it looked this week that Soul Pattinson had also taken a shine to uranium.
Rum Jungle Resources rather breathlessly announced this week that Soul Pattinson, "one of Australia's leading and oldest diversified investment companies" had taken a significant share stake.
"Support from a company as successful and highly regarded as WH Soul Pattinson is a real vote of confidence in what we have been doing," Rum Jungle's MD David Muller gushed.
But nuclear fuel is not the attraction.
Rather Rum Jungle has a substantial phosphate reserve in Barrow Creek in the NT, recently estimated, according to the JORC code, at 253 million tonnes.
Muller says Barrow Creek is one of the biggest unexploited phosphate deposits in Australia.
RUM Price at posting:
32.5¢ Sentiment: LT Buy Disclosure: Held
