Opinion More questions than answers on Clive Palmer’s $1.5b nickel deal
When Clive Palmer announced in the days before Christmas that he had agreed to sell his Queensland Nickel refinery for a purported $1.5 billion the first question that should be asked is: why?close to $20 billionClive Palmer bought the Queensland Nickel refinery in 2009 from BHP. It went into administration in 2016, and then it took a further five years before various legal cases between the liquidator and Palmer’s companies were resolved.
In Zero Carbon Investek’s document, Indian Ocean Capital and Green Bond Corporation are cited as advisers on the project. Indian Ocean Capital is run by Domenic Martino,, who has been a long-time adviser to Clive Palmer’s companies. David Rigoll told this masthead that the nickel, cobalt, and iron in the refinery’s tailings dam could be retrieved and worth as much $10 billion. It’s a big, nice round figure. In its document, Zero Carbon Investek estimates the value of the nickel and cobalt in the tailings dam is even higher: $US9.4 billion .
In 2021, POSCO acquired a one-third stake in Western Australia’s nickel producer Ravensthorpe. Ravensthorpe, like Queensland Nickel, was once owned by BHP before they were both sold off under then chief executive Marius Kloppers. he has had with partner, CITIC-owned Sino Iron, in Western Australia, and the long-drawn-out legal battle with the creditors of Queensland Nickel.
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