CORPORATE ARRANGEMENTS FOR YABULU NICKEL REFINERY

CORPORATE ARRANGEMENTS FOR YABULU NICKEL REFINERY

Queensland Treasurer Curtis Pitt said Clive Palmer should detail the effects on workers and creditors of his new corporate arrangements for managing and operating the Yabulu nickel refinery.

“Administrators of Queensland Nickel Pty Ltd, FTI Consulting, have stated that the new arrangements put in place were outside the control of FTI,” Mr Pitt said.

“Mr Palmer needs to explain clearly what this new arrangement means for the existing entitlements of the refinery’s current employees, and what guarantees he can give them about their future employment security and their existing entitlements.

“The employees need clarity.

“Mr Palmer also needs to explain what impact the new arrangements may have on existing creditors including the 237 workers who have already been made redundant.”

“The restructure undertaken today needs to be transparent to all concerned and to the wider North Queensland community.

“Quite rightly people have been deeply concerned about their own futures because of the uncertainty over the future of the refinery.

“They now need to be given clear explanations and assurances about what the changes mean for them and their future.”

FTI has also advised the Treasurer’s office today that it would no longer seek a loan facility from the state government.

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