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Category: Mining (Rural) / Rural / Clive Palmer / Regional Development / Business, Economics and Finance

Clive Palmer wants nickel refinery running in nine months

Thursday, 30 Jun 2016 05:03:01

Mr Palmer wants the Yabulu nickel refinery running again by March. (AAP: John Pryke, file photo)

Clive Palmer says he plans to restart production at his north Queensland nickel refinery in nine months and re-hire up to 800 workers.

Mr Palmer's former managers of the Yabulu refinery, Queensland Nickel, went into liquidation in April, leaving more than 800 people without jobs and redundancy entitlements.

Mr Palmer's Queensland Nickel Joint Venture, of which he is chairman, now runs the refinery.

"We've saved the business rather than the company," he said.

Mr Palmer said a turnaround in nickel prices and new funding would see production recommence by March 31.

In the last quarter, he said 50 new jobs were created, Mr Palmer said, and another 700-800 would be put on by March.

"The price of nickel is moving up and the stockpile is coming down ... declining by about 25,000 tonnes a month," he said.

"By that time [March] we will be back in positive territory, and we have additional capital arrangements which we hope to inject into the business.

"We have a commitment to north Queensland. We don't do things because they are easy, we do them because they are hard.

"Hundreds of people have expressed at coming back and working for us."

The Federal Government paid the outstanding workers' entitlements, and a special purpose liquidator was brought in last month to claw back the money from Mr Palmer and associated entities.

AustraliaPlus


 

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