Mining mogul Clive Palmer.
Mining mogul Clive Palmer. AAP Image

Mine mogul takes over GPN Limited

MINING mogul and one of Australia’s richest men, Clive Palmer has taken over Gladstone Pacific Nickel (GPN) Limited 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, announced on Tuesday Professor Palmer had acquired an additional 950,000 ordinary shares in Gladstone Pacific Nickel Limited.

The purchase gave him a 50.04% controlling stake in the company with a total of more than 35 million shares.

The shares closed at 18 pence per share yesterday.

Gladstone Pacific Nickel Limited owns the Marlborough Nickel/Cobalt lateritic deposits north of Rockhampton which forms part of The Gladstone Nickel Project.

Initially, the company plans to produce about 63,000 tonnes of nickel and 5000 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.

In 2008, the 55-year-old self made billionaire purchased Waratah Coal which holds undeveloped thermal coal resources in the Galilee Basin.

The Gladstone Nickel Project is also planned to include modern nickel mine at Marlborough with ore railed to the refinery at Gladstone.

The company says its feasibility study for Stage 1 shows US$538 million profit after tax and interest in first year of full production.



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