Palmer takes control of Pacific Nickel | Rockhampton Business | Business News for Rockhampton, Australia

Queensland mining magnate Clive Palmer.

AAP

QUEENSLAND mining magnate Clive Palmer has taken control of Gladstone Pacific Nickel Ltd (GPN), which is developing a multi-billion dollar nickel and cobalt refinery at the Port of Gladstone.

GPN, which is listed on London's Alternative Investment Market, said in a statement on Thursday that Professor Palmer or his related entities now held a 50.04 per cent stake.

The billionaire increased his holding from 48.7 per cent, after acquiring an additional 950,000 shares at 17 pence per share this week.

Prof Palmer and related entities now hold 35.495 million shares in the company, which closed at 18 pence per share on Wednesday.

The refinery has the potential to be one of the largest of its kind in the world, GPN says.

Initially, the company plans to produce about 63,000 tonnes of nickel and 5,000 tonnes of cobalt per annum.

Ore will be sourced from New Caledonia and other south-west Pacific Islands, underpinned by beneficiated ores from GPN's Marlborough deposits.

GPN wanted to buy BHP Billion Ltd's Yabulu nickel refinery in Queensland last year but the mining giant ended up selling it to Mr Palmer's private company Mineralogy.

Prof Palmer has had stints as GPN's non executive chairman.

Last year, he was re-appointed on April 21 and subsequently resigned on July 31.

He was not immediately available for comment.