No deal on bid for Clive Palmer's cattle station
A MARLBOROUGH cattle station bought by Clive Palmer for $8.25 million was yesterday passed in at auction for just $1.5 million.
The auction of Mamelon Station, a 6258ha grazing property on the Bruce Hwy, was postponed on Friday due to issues with mining exploration licences.
But yesterday, with a smaller crowd gathered at the Empire Rockhampton, the property went under the hammer.
The station was bought from a grazing family in 2010 by Mr Palmer's (pictured) mining company QNI Metals in 2010 for its underground coal resources.
Since then, it's operated as a cattle station while the mineral resources have remained untouched.
The sale was forced by the voluntary administration of QNI Metals in January.
Administrator FTI Consulting is selling the property in a bid to compensate for the company's losses producing nickel.
Yesterday, the auction opened with a bid of $800,000.
Progress was slow, with the auction on hold for further instruction after a bid of $1.2 million.
When the auction resumed a late registered phone bidder was also in play, offering $1.5 million for the property.
The property was then passed in under auction conditions.
Colliers International agents responsible for the sale of Mamelon Station could not confirm yesterday whether negotiations with the phone bidder would be ongoing.