Reuters reported that Queensland Nickel Pty Ltd. has made arrangements to pay its employees’ wages next week.
Concerns have been circulating that the privately held metals refiner might be having trouble staying afloat. Indeed, at the end of 2015, Clive Palmer, who owns the refinery, said it was “seeking ‘minimal’ government assistance in the form of a guarantor for a A$35 million ($24.7 million) bank loan to avert a closure.”
As quoted in the market news:
In a letter to employees emailed to Reuters, Managing Director Clive Mensink said he “wanted every worker at Queensland Nickel to know that arrangements have been made for wages to be paid next week”.
He added that “all we can do together is produce as much nickel as we can, as efficiently as we can, and support each other in doing so”.
Calls to Queensland Nickel to elaborate on what type of arrangements had been made and the longer-term prospects for the business were not immediately returned.