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Mining Weekly reported that Queensland’s government hasn’t yet made a decision on whether to bail out Queensland Nickel Pty Ltd., the operator of the Palmer nickel and cobalt refinery.
Mining Weekly reported that Queensland’s government hasn’t yet made a decision on whether to bail out Queensland Nickel Pty Ltd., the operator of the Palmer nickel and cobalt refinery. Owner Clive Palmer had asked the government to provide “minimal assistance” to keep the refinery operational.
As quoted in the market news:
Palmer’s cry for help came after the Western Australian Supreme Court dismissed a bid by Mineralogy for Chinese State-owned CITIC to pay a A$48-million advance on disputed royalties over the Sino iron-ore project, in Western Australia.
In its application, Mineralogy claimed that Queensland Nickel was experiencing a liquidity crisis and would require a cash injection of A$28-million to avoid the closure of its refinery, and job losses of 767 employees.
Palmer had urged the state government to get involved, saying it needed to put the welfare of the Townsville families on its agenda.
He added that the loss of the refinery would have serious consequences, plunging the region into a decline lasting up to a decade.
