Palmer’s in the money
CLIVE Palmer’s wealth soared by $10 million a week last year as authorities fought to force him to repay millions in redundancies for workers sacked from his Townsville nickel refinery.
The beleaguered businessman added $522 million to his fortune, analysis shows.
Of that, $357 million came from the West Australian Supreme Court ordering Chinese-owned Citic to pay Mr Palmer’s privately owned company Mineralogy royalties it owed for iron ore from his Pilbara deposits.
The 63-year-old has also benefited from the ongoing increases in international coal prices, with his Central Queensland Coal Project (formerly known as Styx), 130km northwest of Rockhampton, gaining in value.
An environmental impact statement has been filed with the State Government for the project, which could produce up to 10 million tonnes of coal if it goes ahead.
The surprise windfall has more than tripled the estimated total wealth of the businessman to more than $700 million.
He also claims the terms of the court order will guarantee him billions of dollars more over the next two decades.
But it has outraged Townsville Mayor Jenny Hill and former employees from his Queensland Nickel plant which shut down in April 2016, with $300 million of debts and the loss of hundreds of jobs.
She said it was sickening to think of the heartache left behind for blue-collar workers while Mr Palmer built a mega-fortune and lived a life of luxury.
Ex-Queensland Nickel worker Paul Maloney, a father-of-three, and his wife Cassandra spent their first Christmas in 17 years apart because the only job he could get was as a fly-in, flyout worker in Western Australia.
“Clive Palmer destroyed lives and tore apart families, my husband is now away from his family for twothirds of the year,’’ Mrs Maloney said yesterday.
“Clive Palmer needs to pay his bills. This crap about him reopening Queensland Nickel is nonsense. Who’d trust him to work for him?”