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Queensland Nickel

From FTI Consulting

Queensland Nickel

Termination of Queensland Nickel Pty Ltd Employees

Townsville, 10 March 2016 –

The Voluntary Administrators of Queensland Nickel Pty Ltd (“the Company”) announce they have today notified the majority of Queensland Nickel Pty Ltd employees of their termination of employment, effective as of 5pm Friday 11 March.

On 7 March 2016 the Administrators received notice that Queensland Nickel Sales Pty Ltd will replace Queensland Nickel Pty Ltd as the manager of the operations at the Yabulu Refinery with immediate effect. The decision to replace Queensland Nickel Pty Ltd as joint venture manager was determined by Mr Clive Mensink as Director of QNI Resources Pty Ltd and QNI Metals Pty Ltd.

As a result the Administrators no longer have operational or management control of the Yabulu Refinery.

Queensland Nickel Sales Pty Ltd, the newly appointed manager of the Refinery, may offer current employees of Queensland Nickel Pty Ltd employment but the Administrators are currently unaware of the terms or timing of those offers.

The Administrators have impressed on Queensland Nickel Sales Pty Ltd the urgency of the situation and the need to quickly resolve the ongoing employment of staff. At this time the Administrators are uncertain as to the status of future employment offers by Queensland Nickel Sales Pty Ltd.

The terminations of employment and uncertainty regarding the new offers is a deeply regrettable situation, although unavoidable given the Administrators no longer have operational control of the Refinery.

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