Twiggy and Palmer buy up juniors

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Mining magnates Clive Palmer and Andrew Forrest have made small investments in two junior resources companies.

According to Poseidon Nickel Forrest will underwrite a $20 million capital raising effort for the company’s Windarra project in Western Australia.

Forrest is the company’s chairman and Poseidon Nickel has also entered into an $8 million unsecured bridge loan with Forrest Family Investments.

The loan will pay for technical funding activity and "risk reduction" work on the Windarra project.

According to The West Australian there is also speculation billionaire Clive Palmer has led an $11 million capital raising move by Central Petroleum.

The move would make him the biggest investor in the company, which is currently battling dissident shareholders.

The West Australian reports former Central Petroleum boss John Heugh and businessman Max Begley, among others, are attempting to force a shakeup of the company’s management.

Image: The Brisbane Times

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