Cobalt find for Palmer

CLIVE Palmer claims his companies stand to make $6 billion from cobalt in discarded mining waste, which he’ll process at his mothballed Townsville nickel refinery.

The former federal MP says he’s already installed a cobalt refinery at the Townsville plant where 800 workers lost their jobs when his Queensland Nickel business collapsed in 2016. Tests have shown high cobalt levels in waste ore, that was initially mined for nickel.

An estimated 69,000 tonnes exists and at $90,000 a tonne, Mr Palmer says his companies are sitting on a multi-billion dollar asset.

Mr Palmer promised jobs and investment for Townsville, with cobalt to be processed at the Townsville plant for at least seven years and shipped out through Brisbane.