Palmer Controls of PaCIFic Nickel

SHANGHAI, Jan. 18 -- Clive PaLMEr, giant of mining industry in Queensland, already controlled Gladstone PaCIFic Nickel (GPN). Currently, the company was busy developing nickel and cobalt refinery which is located in Gladstone port and worth of billions of USD.

According to an announcement from GPN, Mr. Palmer and his related Group controlled 50.04% share of GPN. GPN told that the aforesaid refinery was expected to be one of the largest refineries in the world. At the beginning, the company planned to produce 63 kt of nickel and 5 kt of cobalt. Ores of the refinery are mainly form New Caledonia, southwest areas of Pacific Islands and Marlborough where GPN produces ore concentrate.

Last year, GPN planed to purchase Yabulu Nickel Refinery in Queensland which belongs to BHP Billiton, but BHP Billiton sold the refinery to Mineralogy which is privately owned by Palmer.

(Edited by SMM)