Australian mining magnate Mr Clive Palmer will not be pursued legally over his controversial purchase of a nickel refinery, following a court judgment handed down last week.

Robash, a company associated with a Gladstone Pacific Nickel shareholder Mr Robert Pearce, wanted the NSW Supreme Court to allow it to bring proceedings in Gladstone's name against Mr Palmer and three of Mr Palmer's associated companies. Mr Palmer owns 56% of Gladstone Pacific.

Robash alleged Mr Palmer had breached his duties as director of Gladstone when he bought the Yabulu nickel refinery in 2009, after Yabulu's owner, BHP, had knocked back an offer from Gladstone.

Mr Palmer denied the allegations.

Justice Mr Michael Ball said in a written judgment that "There is evidence to suggest that the Yabulu refinery has been a very profitable investment for Mr Palmer."

In 2010, Mr Palmer was reported as saying that Yabulu gave him about USD 250 million of beer money a year.

Mr Palmer issued a statement saying that "I am pleased that the court has reached this decision, as the application and claims made by Mr Pearce were a complete furphy."

As part of the court case, Robash prepared a draft statement of claim it would file against Mr Palmer. The allegations against Mr Palmer included that he had negotiated with BHP to buy Yabulu for his own interests, rather than negotiating the sale to Gladstone.

(Sourced from www.theaustralian.com.au)