Clive Palmer’s cross-examination of an expert witness, who valued two mining projects Queensland Nickel signed deals with, has yielded mixed results.

July 22, 2019

Clive Palmer has had mixed results in trying to pour cold water on an expert’s evaluation of two of his mining assets that Queensland Nickel allegedly signed multimillion-dollar deals with days before going bust.

The billionaire businessman is fighting a lawsuit against liquidators in the Brisbane Supreme Court over the collapse of the Townsville refinery.

The liquidators are chasing about $200 million they say was owed to creditors when the cash-strapped business shut down in 2016.

On Monday, Mr Palmer cross-examined US mining valuations expert Richard Marston, who was the author of a report scrutinising China First and Waratah Coal, both owned by Mr Palmer.

“It’s not based on any design work, it’s not based on any commercial decisions, it’s not based on any data, it doesn’t have a mining plan,” Mr Palmer said of material Mr Marston used to prepare his valuation.

“There’s no railway design, there’s no port design, there’s no process design,” he continued before he was interrupted.

“The Worley Parsons (material)?” Mr Marston asked.

“It has 14 separate volumes around a thousand pages thick by sheer weight,” he said.

The court has previously heard that in days before administrators were called, QN allegedly signed two “worthless” deals for $235 million with the two companies.

Lawyer for the liquidators Graham Gibson says the shares and tenements in the two mining projects owned by Mr Palmer were of no commercial benefit to QN and worthless.

Earlier, Justice Debra Mullins gave Mr Palmer a tongue-lashing for being absent for most of the first two days of the trial.

“Quite frankly Mr Palmer, I manage the court’s self-represented litigants … and those who are in court because they can’t afford a lawyer or by choice don’t want a lawyer; they actually appear at the bar table the whole time,” Justice Mullins said.

Mr Palmer responded he had been “vexed” between coming to court each day and attending to his duties as the director of his companies.

“Ah, well can I tell what directors of companies usually do, they engage lawyers,” Justice Mullins shot back.

A sheepish Mr Palmer apologised and said he would adjust his schedule so he could attend each day of the trial.

“I was wrong, there’s just nothing else to say,” he said, referring to the days already missed.

The trial continues.