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Category: Company News / Beef Cattle / Clive Palmer / Mining Industry / Mining (Rural)

Palmer's cattle station passed in at auction in refinery bail-out effort

Wednesday, 23 Mar 2016 16:14:52

One of Mr Palmer's companies bought Mamelon near Rockhampton for $8.3 million in 2010. (AAP: Dan Peled)

Clive Palmer's cattle station near Rockhampton in central Queensland has been passed in at auction, millions of dollars less than what was paid for it in 2010.

One of Mr Palmer's companies bought Mamelon, a 6,000-hectare cattle property north of Rockhampton, for $8.3 million in 2010.

Clive Palmer's refinery in crisis


Look back at the events that plunged Queensland Nickel into crisis.

However, the highest bid at today's auction was $1.5 million.

The property is being sold to help pay down debts owed by Mr Palmer's Queensland Nickel refinery operation at Yabulu near Townsville.

Queensland Nickel Sales (QNS), owned by Mr Palmer, took over as manager of the refinery at Townsville after its former manager Queensland Nickel — another of Mr Palmer's businesses — went into voluntary administration and sacked more than 200 workers in January.

Another 550 workers at the beleaguered facility have since been made redundant.

Queensland Nickel owes about $100 million to creditors.

Another of Mr Palmer's businesses, Palmer Aviation, was put into liquidation late last month.

It is not yet clear whether other assets from Mr Palmer's business empire will go on sale to provide funds for Queensland Nickel.

More on this story:

AustraliaPlus


 

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