Since Queensland Nickel went into liquidation on April 21 everyone has been worrying about the workers who’ve been retrenched from the Yabulu nickel refinery at Townsville.
Well, from a reading of the report by FTI Consulting on Queensland Nickel, the workers were lucky to keep their jobs as long as they did. Because if Yabulu were owned by Pierpont, he would have closed it 18 months ago.
FTI reckoned Queensland Nickel Pty Ltd (let’s call it QN) has been insolvent since November 27, 2015 when it was unable to pay a debt of $11.9 million to the Aurizon transport group. Aurizon issued QN with a notice of default on that day.
The debt was due under Aurizon’s contract. QN continued to try to negotiate terms for deferred payment o…
Read the full article at: http://www.afr.com/business/mining/inside-clive-palmers-queensland-nickel-mess-20160505-gomsdf