Queensland Nickel

Queensland Nickel
Private
Industry Refinery
Fate In voluntary administration, undergoing creditors' liquidation
Founded 1971
Headquarters Townsville, Australia
Products Nickel
Owner Clive Palmer (as a joint venture between QNI Resources Pty Ltd and QNI Metals Pty Ltd)

Queensland Nickel is a company owned by businessman and politician Clive Palmer. Queensland Nickel owns and operates the Palmer Nickel and Cobalt Refinery at Yabulu in North Queensland. On 19 January 2016 the company entered into voluntary administration.[1] In April 2016 the companies' creditors voted for liquidation.

History

The company was established in 1971[2] and Palmer acquired the refinery in 2009[3] from British-Australian company BHP Billiton.

Financial troubles

In recent years, the company experienced financial difficulties. Despite having previously ruled-out requesting government funding,[4] Palmer requested taxpayer-funded assistance from the Queensland Government in late 2015,[5] however this was rejected, citing the refusal of the company to share full details with the government and its large donations to Palmer's Palmer United Party.[6] The company's ownership was later transferred to a new company named Queensland Nickel Sales Pty Ltd in a joint venture between two of Clive Palmer's companies, QNI Resources Pty Ltd and QNI Metals Pty Ltd, with the directorship going to Palmer's nephew Clive Theodore Mesnick.

On 15 January 2016 the company terminated 237 workers. The company blamed poor nickel prices, which were at a twelve-year low,[7] and the refusal of the Queensland Government to guarantee a loan of A$35 million for the redundancies.[8] Despite the financial troubles, Queensland Nickel donated more than $20 million to the Palmer United Party in two years[9] including a donation of $288,516 days before the workers were terminated.

In early April 2016 the administrators, FTI Consulting, found that the company had "incurred debts of $771 million after going insolvent in November."[10]

On 22 April 2016 the companies' creditors voted to liquidate it.[11]

See also

References

  1. ↑ "Clive Palmer's Queensland Nickel goes into voluntary administration". ABC News. Australian Broadcasting Corporation. 19 January 2016. Retrieved 20 January 2016.
  2. ↑
  3. ↑ "Queensland Nickel - Our History". Qni.com.au. Archived from the original on September 3, 2015. Retrieved 2016-01-20.
  4. ↑ "Clive Palmer I Don't Need State Government Money for My Nickel". Courier-Mail. Retrieved 20 January 2016.
  5. ↑ Robertson, Joshua (29 December 2015). "Queensland government cool on Clive Palmer's plea to rescue nickel refinery | Australia news". The Guardian. Australia. Retrieved 20 January 2016.
  6. ↑ Robertson, Joshua (15 January 2016). "Clive Palmer's Queensland Nickel refinery to cut hundreds of jobs | Australia news". The Guardian. Australia. Retrieved 20 January 2016.
  7. ↑ Cauchi, Stephen Cauchi (25 November 2015). "Nickel prices fall to 12-year low, Western Areas share price falls". The Sydney Morning Herald. Retrieved 21 January 2016.
  8. ↑ Bavas, Josh; Tapim, Francis (18 January 2016). "Palmer under pressure to pay back millions to struggling refinery". ABC News. Australia. Retrieved 18 January 2016.
  9. ↑ Hurst, Daniel (17 January 2016). "Clive Palmer's Queensland Nickel defends donation to PUP before job cuts". The Guardian. Australia. Retrieved 20 January 2016.
  10. ↑ Bavas, Josh (22 April 2016). "Queensland Nickel creditors meet for liquidation vote". ABC News. Australia. Retrieved 22 April 2016.
  11. ↑ "Creditors vote to liquidate Queensland Nickel". ABC News. Australia. 22 April 2016. Retrieved 22 April 2016.

External links

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