Once Australia's youngest billionaire, the electrician turned coal baron has failed to pay off his private jet and other debts and is now officially ruined.
South Australia produces about 4 million tonnes of gypsum per year, accounting for about 80 per cent of Australia’s production and supplying most of the country’s domestic requirements.
Despite the loss and a 94% drop in earnings, analysts believe the company's modest debt of $116 million makes it well-positioned to act on opportunities.