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| Clive Palmer takes back control of struggling Queensland Nickel refinery | Clive Palmer takes back control of struggling Queensland Nickel refinery |
| (35 minutes later) | |
| Clive Palmer has taken back control of his collapsed Queensland Nickel refinery from administrators through a new company run by his nephew and political chief of staff. | Clive Palmer has taken back control of his collapsed Queensland Nickel refinery from administrators through a new company run by his nephew and political chief of staff. |
| Related: Queensland treasurer defends refusal to bail out Clive Palmer's nickel refinery | Related: Queensland treasurer defends refusal to bail out Clive Palmer's nickel refinery |
| In a surprise move that removes the operational control of administrators appointed to Queensland Nickel Pty Ltd, its Palmer-owned parent companies have replaced the ailing company with a new joint venture manager that says it has a $23m lifeline to keep the business running. | In a surprise move that removes the operational control of administrators appointed to Queensland Nickel Pty Ltd, its Palmer-owned parent companies have replaced the ailing company with a new joint venture manager that says it has a $23m lifeline to keep the business running. |
| Queensland Nickel Sales Pty Ltd took over the running of the nickel plant and associated port facilities on Monday, telling administrators FTI Consulting it had a “conditional offer” for about $23m to keep the business going. | Queensland Nickel Sales Pty Ltd took over the running of the nickel plant and associated port facilities on Monday, telling administrators FTI Consulting it had a “conditional offer” for about $23m to keep the business going. |
| A media statement released by Palmer said the new joint venture manager would be “headed by Clive Palmer”. | A media statement released by Palmer said the new joint venture manager would be “headed by Clive Palmer”. |
| However, company documents show Palmer resigned as a director of Queensland Nickel Sales on 10 January. The remaining directors are his nephew Clive Mensink and his political chief of staff James McDonald, a onetime Palmer United party Senate candidate for South Australia. | |
| The switch of plant operator was possible because the plant and its site near Townsville were owned not by the failed Queensland Nickel but by its parent companies. | The switch of plant operator was possible because the plant and its site near Townsville were owned not by the failed Queensland Nickel but by its parent companies. |
| FTI Consulting said the actions of Palmer, Mensink and Queensland Nickel parents QNI Resources and QNI metals – of which Mensinck is director – were “beyond the control of administrators”. | FTI Consulting said the actions of Palmer, Mensink and Queensland Nickel parents QNI Resources and QNI metals – of which Mensinck is director – were “beyond the control of administrators”. |
| Palmer said Queensland Nickel Sales secured its loan against “assets outside of Queensland Nickel Pty Ltd” which were not available to administrators. | Palmer said Queensland Nickel Sales secured its loan against “assets outside of Queensland Nickel Pty Ltd” which were not available to administrators. |
| “I have been working diligently for weeks to find a solution to secure the long term operations of the Yabulu Refinery and its workforce in the best interests of the Townsville economy,” he said. | “I have been working diligently for weeks to find a solution to secure the long term operations of the Yabulu Refinery and its workforce in the best interests of the Townsville economy,” he said. |
| Queensland Nickel Sales Pty Ltd is also owned by QNI Resources and QNI Metals. | Queensland Nickel Sales Pty Ltd is also owned by QNI Resources and QNI Metals. |
| FTI Consulting said administrators had given “strong consideration” to mothballing the Yabulu refinery – otherwise known as placing it into “care and maintenance” – because of concerns over “safety and environmental issues” and plant maintenance amid ongoing trading losses. | FTI Consulting said administrators had given “strong consideration” to mothballing the Yabulu refinery – otherwise known as placing it into “care and maintenance” – because of concerns over “safety and environmental issues” and plant maintenance amid ongoing trading losses. |
| The takeover by the new company came on the same day that FTI Consulting nominated as the deadline for the Queensland government to decide whether it would guarantee an emergency $10m loan to keep the refinery running. | The takeover by the new company came on the same day that FTI Consulting nominated as the deadline for the Queensland government to decide whether it would guarantee an emergency $10m loan to keep the refinery running. |
| The state’s treasurer, Curtis Pitt, agreed only on conditions including that Palmer exited the business altogether. | The state’s treasurer, Curtis Pitt, agreed only on conditions including that Palmer exited the business altogether. |
| Administrator John Park has previously indicated it was likely the government would be left to foot the entire bill for the environmental clean-up of the refinery, where waste ponds have allegedly previously contaminated Great Barrier Reef waters by overflowing. | Administrator John Park has previously indicated it was likely the government would be left to foot the entire bill for the environmental clean-up of the refinery, where waste ponds have allegedly previously contaminated Great Barrier Reef waters by overflowing. |
| Related: Clive Palmer's Queensland Nickel to stand trial over alleged toxic leaks | Related: Clive Palmer's Queensland Nickel to stand trial over alleged toxic leaks |
| The new plant operator intended to offer all of Queensland Nickel’s current 550 employees jobs on the same terms and conditions, FTI Consulting said. | The new plant operator intended to offer all of Queensland Nickel’s current 550 employees jobs on the same terms and conditions, FTI Consulting said. |
| Administrators are due to release a report by 15 April outlining their recommendation to creditors of Queensland Nickel. They include almost 240 workers owed $16m in entitlements after being made redundant days before the company went into administration in January. | Administrators are due to release a report by 15 April outlining their recommendation to creditors of Queensland Nickel. They include almost 240 workers owed $16m in entitlements after being made redundant days before the company went into administration in January. |
| Queensland’s supreme court last month heard more than 800 creditors claimed $420m in debts owed by Queensland Nickel, including $235m by two other Palmer-owned companies. | Queensland’s supreme court last month heard more than 800 creditors claimed $420m in debts owed by Queensland Nickel, including $235m by two other Palmer-owned companies. |