Commodities trader Hartree Partners is trying to pluck a Tasmanian nickel miner out of insolvency, but it is staring down opposition from a minority shareholder which claims two offers were spurned in favour of Hartree’s cheaper takeover attempt.

Backed by distressed specialists Oaktree Capital, Hartree emerged as the frontrunner for Mallee Resources – the operator of the Avebury mine – after it missed debt payments owed to Hartree and collapsed into receivership as nickel prices slumped last September.