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| Clive Palmer takes back control of struggling Queensland Nickel refinery | Clive Palmer takes back control of struggling Queensland Nickel refinery |
| (6 months later) | |
| Clive Palmer has taken back control of his collapsed Queensland Nickel refinery from administrators through a corporate manoeuvre involving his nephew and political chief of staff. | Clive Palmer has taken back control of his collapsed Queensland Nickel refinery from administrators through a corporate manoeuvre involving his nephew and political chief of staff. |
| 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. | 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. |
| 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. |
| Ben Swan, Queensland secretary of the Australian Workers Union, said the return of Palmer and Mensink to management put workers “back at square one”. | Ben Swan, Queensland secretary of the Australian Workers Union, said the return of Palmer and Mensink to management put workers “back at square one”. |
| Swan said the return to control of the previous management was inappropriate given the “very live questions about the roles and the decision making of key people including Mr Palmer and Mr Mensink in the affairs of the former management company”. | Swan said the return to control of the previous management was inappropriate given the “very live questions about the roles and the decision making of key people including Mr Palmer and Mr Mensink in the affairs of the former management company”. |
| Swan said the conduct of Queensland Nickel was “reprehensible”. | Swan said the conduct of Queensland Nickel was “reprehensible”. |
| “It might be some sort of intellectual pursuit that [Palmer and Mensink] enjoy, moving pieces around on a corporate chess board as if you can do it without actually attracting any attention or causing any harm, but this is causing real harm,” he said. | “It might be some sort of intellectual pursuit that [Palmer and Mensink] enjoy, moving pieces around on a corporate chess board as if you can do it without actually attracting any attention or causing any harm, but this is causing real harm,” he said. |
| “If you were one of those 550 workers going home tonight, thinking, ‘great the bloke and his nephew that brought us to the brink are the people that are going to get their mitts on control of the company again’, you’d hardly be cracking a coldie and clinking glasses with everyone.” | “If you were one of those 550 workers going home tonight, thinking, ‘great the bloke and his nephew that brought us to the brink are the people that are going to get their mitts on control of the company again’, you’d hardly be cracking a coldie and clinking glasses with everyone.” |
| 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. |