In a move long awaited by many, Clive Palmer taken responsibility for his business interests and swooped in to save the day for the Yabulu Refinery.
After months of insisting that both the Queensland and federal governments support his ailing business, which was used to donate millions to his Palmer United political party, Palmer has finally bitten the bullet and fronted $23 million in funding to keep the Yabulu nickel refinery from being closed down.
However, the new conditional fund facility has been introduced through a new company called Queensland Nickel Sales Pty Ltd, which will replace Queensland Nickel as manager of the Yabulu Refinery.
According to appointed voluntary administrators FTI Consulting, the decision to replace Queensland Nickel Pty Ltd as joint venture manager was determined by Clive Mensink as Director of QNI Resources Pty Ltd and QNI Metals Pty Ltd.
The Yabulu Refinery was owned by a joint venture between Queensland Nickel Pty Ltd, QNI Resources Pty Ltd and QNI Metals Pty Ltd, however the managing company has been pushed out, along with its debts to creditors, in favour of the newly interoduced Queensland Nickel Sales Pty Ltd.
The Queensland Nickel Sales Pty Ltd Australian Business Number has been active with the Australian Business register since late 1999.
The bombastic MP will head the new joint venture, which has immediately replaced Queensland Nickel as manager of Yabulu and the associated port facilities in Townsville.
“The actions of Clive Palmer, Clive Mensink, and their related entities are beyond the control of the Administrators,” a statement from FTI Consulting read.
“It is understood the conditional funding facility will be secured against assets outside of Queensland Nickel Pty Ltd which were not available to the Administrators in the discharge of their duties as manager of the Yabulu Refinery.”
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