Clive Palmer, Australian mining magnate has reportedly sold the troubled Yabulu nickel refinery in Queensland state to Swiss special purpose vehicle Zero Carbon Investek. This deal has reportedly fetched $1.3 bn, as per a Reuter report.
However, Palmer's spokesperson refuted the sum reported by the Australian newspaper as speculation, and declined to disclose the sale price.
According to the report, in 2016 the Yabulu Nickel and Cobalt Refinery went into voluntary administration due to collapsing nickel prices and have not started operations till today.
Meanwhile, in a statement Zero Carbon announced that the refinery should restart in 18 months and is expected to become one of the world's top 10 nickel assets, capable of producing 53.5 kilotonnes per annum of nickel and 3.7 ktpa of cobalt.
As the world shifts to electric vehicles, nickle and cobalt are minerals used in automotive batteries whose prices have soared due to high demand.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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