Mining magnate and Sunshine Coast MP Clive Palmer's Queensland Nickel refinery has been placed into administration, following last week's sacking of nearly 240 workers.
A four-person team of administrators have been appointed at the company, which will continue to trade while a review is undertaken.
"No significant changes to the Company's trading operations are anticipated in the immediate term," the administrators from FTI Consulting said in a statement.
Queensland Nickel managing director Clive Mensink said he believed QNI had the ability to continue its operations and trade out of administration.
"From our perspective it is business as usual and employees of QNI will continue productivity at this difficult time," he said in a statement.
“QNI plays an important role in North Queensland’s economy and I believe that will remain the case in the future once restructuring is completed in this volatile commodity environment.”
Palmer on Sunday defended multi-million-dollar donations from the struggling Queensland Nickel refinery to the Palmer United Party (PUP).
The troubled Yabulu nickel refinery on Friday sacked 237 workers, citing falling global nickel prices and the failure of the Queensland government to invest $35 million in the plant.
The ABC yesterday revealed Electoral Commission of Queensland (ECQ) figures showed Queensland Nickel donated $288,516 to PUP on December 31, just a fortnight before sacking staff at the Yabulu refinery near Townsville.
During the 2014–2015 financial year, Queensland Nickel had enough money to donate $5,947,720 to the party.
Community leaders have called for Clive Palmer to front up to the 237 retrenched Queensland Nickel workers after the self-proclaimed billionaire was notably absent during the mass sackings.
The QLD Labor Govt’s refusal to offer any assistance to QNI is making it near impossible to compete in the international marketplace.— Clive Palmer (@CliveFPalmer) January 8, 2016
The Queensland Government needs to stop playing politics and start showing leadership and compassion for the people and economy of North QLD— Clive Palmer (@CliveFPalmer) January 8, 2016
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We need to develop Australian Industry and jobs.— Clive Palmer (@CliveFPalmer) January 17, 2016