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Clive Palmer staves off Yabulu nickel refinery closure by removing administrator

Brian Robins reports in the Brisbane Times (7.3.16) on Clive Palmer’s surprise move to retake control of the Yabulu nickel refinery through other companies owned by the businessman, negating the need for state government money to save the under-administration operation.

‘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”.’

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