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PrintBHP Billiton was so worried about the future of its Queensland Nickel refinery when it sold it to Clive Palmer that the mining giant imposed extraordinary conditions that would prevent the businessman stripping it of assets or cash.
However, Mr Palmer overcame the contractual restrictions in the sale agreement to spend tens of millions of dollars of the Townsville refinery's working capital on golf courses on the Gold Coast, the Hyatt Regency resort at Coolum (now a five-star dinosaur park), a wedding venue, luxury cars and a coal tenement.
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