CoalcopperDiamondsFEATUREDGas & EnergyHealth and SafetyIndustrialMining

Mining tycoon Palmer sells Australian nickel refinery for reported … – Reuters

SYDNEY, Dec 22 (Reuters) – Australian mining magnate Clive Palmer has sold the troubled Yabulu nickel refinery in Queensland state to Swiss special purpose vehicle Zero Carbon Investek – a deal that has reportedly fetched A$2 billion ($1.3 billion).
A spokesperson for Palmer, who bought the refinery in 2009 from BHP (BHP.AX) for A$1, declined to disclose the sale price and said the sum reported by the Australian newspaper was speculation.
The Yabulu Nickel and Cobalt Refinery went into voluntary administration in 2016 amid collapsing nickel prices and has yet to restart operations.
Zero Carbon said in a statement the refinery should restart in 18 months and is expected to rapidly become one of the world's top 10 nickel assets, capable of producing 53.5 kilotonnes per annum (ktpa) of nickel and 3.7 ktpa of cobalt.
Both are minerals used in automotive batteries and whose prices have soared as the world increasingly shifts to electric vehicles.
Zero Carbon added that it is in advanced discussions with a number of "globally significant strategic players who are seeking product offtake opportunities, alongside investment."
It added that it would invest $800 million post-acquisition in the site, which in September secured a 30-year port access agreement with the Port of Townsville.
As part of those plans, it will develop a large scale 1.5 gigawatt solar photovoltaic plant and battery storage facility to create new industry opportunities and sustainable environmental benefits.
($1 = 1.4903 Australian dollars)
Our Standards: The Thomson Reuters Trust Principles.
The head of French media group Vivendi said on Friday he was grateful to the Italian government for creating conditions for constructive talks on the future of Italian phone group Telecom Italia (TIM) as a deadline nears.
Norwegian offshore driller Seadrill Ltd has entered into an agreement to buy Aquadrill LLC in an all-stock deal that values the British firm at $958 million, the companies said on Friday.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button