Natural resources Clive Palmer

palmer owner of mineralogy, company in 2006 had 160 billion tonnes (160×10^ long tons; 180×10^ short tons) of iron ore reserves in pilbara ranges, in remote northern western australia. in 2008, palmer bought waratah coal. in 2009, bought queensland nickel , palmer nickel , cobalt refinery after bhp going close refinery, , thousands of jobs have been lost. in first year after purchasing refinery, palmer gifted staff 50 mercedes benz cars , thousands of overseas holidays after refinery turned huge profit. palmer , management team have since faced significant challenges cost of nickel dropping on $7 per pound around $3.70 per pound. on 18 january 2016, queensland nickel entered voluntary administration after price of nickel crashed in october 2015 , queensland government refused assistance.