Media release

Clive Palmer calls out Glencore’s unconscionable conduct

Clive Palmer has blasted Glencore for unconscionable behaviour over new reports the multi-national mining company moved $30 billion of assets into offshore tax structures after a $16 billion write down by its Australian holding company. This restructure is now subject to an ATO investigation.

“Today’s media reports further demonstrate Glencore’s true colours – the company which has stood in the way of creating thousands of jobs and huge ongoing exports for the North Queensland community,” Mr Palmer said.

“It is unconscionable that Glencore was able to move significant assets from its Australian investment portfolio into offshore structures for tax purposes.

“Clearly this company will stop at nothing,’’ Mr Palmer said.

Glencore, one of the largest nickel producers in the world, is the head lessee of the Port of Townsville Berth 2 which QNI is seeking access to in order create immediate employment and large-scale ongoing exports from North Queensland.

 “Glencore wants to stop Australia and Townsville from exporting nickel so that supply isn’t increased which would reduce their pricing.

“Under the Queensland Nickel Act, the Queensland Government can resume the lease and allow Queensland Nickel to use Berth 2,’’ Mr Palmer said.

“Under the terms of the Act, the Government is required to do it. If the Queensland Government refused to do so it is breaching the Queensland Nickel Act.

“The only current serious impediment to opening the refinery is the fact that the Townsville Port Authority haven’t finalised new leases allowing us access to the over $250 million of assets we have at the port and is not allowing the import of nickel ore to the refinery.

“Berth 2 has not been used for two years.  The important thing now for North Queensland is that the refinery can reopen as soon as possible with port access so we can concentrate on providing the 2,500-plus jobs that its activities can create in the community,’’ he said.