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[Ferro-Alloys.com]RETRENCHED employees behind a creditor-worker buyback plan for collapsed Yabulu nickel refinery are continuing to work on a proposal to take control of the business.
This is despite analysis suggesting they have no prospect of success and that the plant is a relic of the 1970s.
Also, economist Warwick Powell, who is helping the buyback and was named this week as a former Australian Workers’ Union foot soldier involved in Labor Party electoral fraud in the 1990s, said he was ignoring the politics.
“What we are concentrating on is preparing a Deed of Company Arrangement and preparing a financial business model,” Mr Powell said yesterday.
The buyback consortium will be competing with refinery owner Clive Palmer, the only other party who has indicated an intention to submit a deed proposal.
Gavin Mudd, a Monash University environmental engineer with experience in mineral processing, said that the refinery was clearly an expensive and energy-intensive producer.
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