Clive Palmer’s nickel refinery outside Townsville. Photo: Glenn Hunt
Clive Palmer has retaken control of his troubled Yabulu nickel refinery sidelining the administrator after disclosing conditional funding had been arranged to avoid its closure.
On Monday the business obtained $23 million which has been secured against assets in other parts of the Palmer empire, which are believed to include personal assets.
The voluntary administrator of Queensland Nickel, FTI Consulting, said late on Monday it has been replaced as the manager of the refinery “with immediate effect”.