Palmer’s assets under pressure

Clive Palmer is feeling the pain across a number of his assets, with Mineralogy back in court and liquidators moving in to bail out Queensland Nickel.

Mineralogy will return to the Supreme Court in an appeal against the December 8 ruling that dismissed demands for $48 million from Chinese national company CITIC over royalties disputes at the Sino Iron project.

Palmer attempted to seek an injunction for cash to prop up the faltering Queensland Nickel business last year, however Justice Paul Tottle dismissed the claim, saying Mineralogy should not be awarded cash ahead of trial.

Clive Palmer will soon lose his private jet in order to pay $26 million to creditors of his aviation company.

Creditors of Palmer Aviation agreed to liquidate the company at a meeting in Sydney yesterday.

Included in the sale will be Palmer’s Bombardier Global Express business jet, which is emblazoned with Palmer United Party livery and was used as his private jet.

Palmer’s Mamelon Station cattle property near Rockhampton will also go up for auction in March, with proceeds from the sale to pay for the running of the nickel refinery at Yabulu.

Queensland Nickel went into involuntary administration in January, after the sacking of 237 workers for cost-cutting purposes.

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