trending Market Intelligence /marketintelligence/en/news-insights/trending/lgPpusFOEXOEW00J0b1hzw2 content esgSubNav
In This List

Australian mining magnate pledges A$400M for Townsville nickel refinery restart

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


Australian mining magnate pledges A$400M for Townsville nickel refinery restart

Mining magnate Clive Palmer said his company Mineralogy Pty. Ltd. allocated A$400 million to reopen the Townsville nickel refinery as early as 2020, Australian Mining reported Sept. 25.

"We have commenced the process of restarting the refinery which will provide substantial employment for the communities of North Queensland," Palmer said.

Further, Palmer is seeking intervention from the Queensland state government for Mineralogy to access the port berth at the Port of Townsville.

"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," Palmer said.

Meanwhile, the company's Singapore-headquartered parent, Mineralogy International, would consider an offer to take control of the refinery's assets, Palmer confirmed in the report.

The announcement came in the wake of Palmer reaching a A$100 million settlement with the liquidators of collapsed Queensland Nickel Pty. Ltd. in August.