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Breaking: Townsville Yabulu Nickel Refinery reopening with $400 million injection

Yabulu nickel refinery reopening statement

Townsville’s Yabulu Nickel Refinery has $400 million set aside for a reopening in 2020 providing 1000 jobs for North Queensland, Mr Clive Palmer has claimed in a formal statement today.

Just over an hour ago, Mr Palmer called on the Queensland Premier Annastasia Palasczuk and State Opposition Leader Deb Frecklington to “put politics aside and allow the Townsville refinery to get back into production so it can begin employing North Queenslanders.”

“We are still hoping to avoid court proceedings with the Port of Townsville and would encourage the Queensland Government to assist in allowing Queensland Nickel access to its port berth so it can process and refine imported ore.”

“North Queensland desperately needs jobs and we have a high resolve and commitment to the people of North Queensland to provide them”.

“Under the existing Settlement Agreement, I have paid all that is owed in employee entitlements, under the Fair Entitlements Guarantee, and to the creditors. There is nothing outstanding,” Mr Palmer said.

“It is vindication for me and all defendants that the Special Purpose Liquidators withdrew all their claims and allegations.”

“The Special Purpose Liquidator (SPL) has released me and all other defendants from all claims and they have also unequivocally withdrawn all allegations against me because they knew they were false,” Mr Palmer said.

Queensland Nickel resurgence exposes Government industrial investment bias

The refinery north of Townsville collapsed in 2016 with the loss of 237 Queensland Nickel workers three days before the company went into receivership in 2016, which led to a further 500 other workers being laid off.

Mr Palmer said he will be pumping $400 million into the QNI business and called on the State government to get out of the way so the reopening can proceed.

“It is unbelievable we have been denied access to our port berth,” he said.

“The business plans to provide up to 1000 jobs, with Mr Palmer confirming that parent company Mineralogy in Singapore, Mineralogy International Pty Ltd, would take an option over all of the refinery assets.”

“We have to do a lot of heavy lifting to get the refinery reopened and we anticipate, subject to the State Government’s assistance with the port issue, that we will have it reopened by late 2020 or early 2021,” he said.

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Aaron M, Editior
Aaron is the founder and editor of TREN eMagazine with 15 years experience in the real estate industry investing and helping investors seek value, leverage value and capitalise on value, developing professional and technical skills and capabilities that have enabled his success in business from startups, adoption, asset growth, management and community leadership projects. Aaron also loves travelling, sports, his partner Jodie and helping people discover their "why" and find their few "what's" in life that realise the "wows. The " www" in www.townsvillerealestatenews.com.au is one of his why, what and wow's that strive to add valuable content and analysis for readers to participate and win.
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