Palmer offloads Qld nickel refinery to Swiss-based investors
Queensland businessman and political agitator Clive Palmer has turned $1 into more than $1 billion by offloading the Yabulu nickel and cobalt refinery in Townsville.
Creditors chased him for $200 million and Townsville City Council demanded $2.5 million in unpaid rates and water charges. Under new owners, the refinery intends to employ about 800 staff when operations restart and more during construction. The syndicate is headed by entrepreneur Dr Richard Petty, who said the restart of the refinery was the key strategic priority.
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