Clive Palmer's Queensland Nickel has gone into voluntary administration, company directors have announced.

Key points: FTI Consulting appointed to manage Queensland Nickel's operations as voluntary administrators

FTI Consulting appointed to manage Queensland Nickel's operations as voluntary administrators Queensland Nickel will continue to trade while the company's financial position is assessed

Queensland Nickel will continue to trade while the company's financial position is assessed 237 workers sacked; move blamed on low nickel prices and State Government's refusal to guarantee a $35m loan

FTI Consulting has been appointed to manage the company's operations as voluntary administrators, effective immediately.

Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Listen Duration: 3 minutes 32 seconds 3 m 32 s Clive Palmer's north Queensland nickel refinery goes into voluntary administration Download 6.5 MB

On Friday, the self-proclaimed billionaire federal MP's refinery sacked 237 workers, citing low nickel prices and the Queensland Government's refusal to guarantee a $35 million loan.

But on Monday, Queensland Nickel said it had decided to go further after full consideration of its obligations and duties.

FTI Consulting said the company would continue to trade while its financial position was assessed.

They said creditors would be given an update later this month.

Queensland Nickel managing director Clive Mensink said the company believed it had the ability to continue its operations and trade out of administration.

"It is my understanding that the administrators will be in contact with all stakeholders and the operations of QNI will continue on as usual," he said.

"From our perspective it is business as usual and employees of QNI will continue productivity at this difficult time.

"QNI plays an important role in north Queensland's economy and I believe that will remain the case in the future once restructuring is completed in this volatile commodity environment."

Unions said the latest development was concerning but they were hoping it would not mean further job losses at the refinery.

On Saturday, the ABC revealed Electoral Commission of Queensland (ECQ) figures showed Queensland Nickel donated $288,516 to PUP on December 31, just a fortnight before sacking staff at the Yabulu refinery.

But Mr Palmer said the paperwork in question actually covered the period dating back to June.

During the 2014–2015 financial year, Queensland Nickel had enough money to donate $5,947,720 to the party.

In the past two years, Queensland Nickel donated more than $21 million directly to PUP.

Mr Palmer said his refinery provided "large amounts of money that sustain north Queensland".

"Since 2009, we have provided over $4.5 billion of investment in North Queensland," he said.

"In turnover alone there is something like 2,500 jobs depending upon Queensland Nickel's activities.

"So these are very large amounts of money and over $4 billion of exports - so a $100,000 here or there is not what matters ... what matters really is our continuing economic operations of the state."

Queensland Government briefed on situation

Queensland Premier Annastacia Palaszczuk said she had ordered her ministers to fast-track public works projects across the state following the major job losses at the refinery.

Ms Palaszczuk said administrators would conduct an independent assessment of the Queensland Nickel's finances.

"I think that's what's needed - it needs to be public, it needs to be transparent, but also too the company will continue to trade," she said.

Ms Palaszczuk said the State Government would be briefed further on the situation.

"There will be a meeting between Queensland Nickel and the Department of State Development later this afternoon about this matter," she said.

Ms Palaszczuk said she would also approach Prime Minister Malcolm Turnbull to discuss what can be done to support north Queensland.

"As soon as he comes back, I'll be making contact with him - I think the Federal Government also needs to look at federal projects they can accelerate as well," she said.

Ewen Jones, the federal Member for Herbert in north Queensland, said he was not surprised the company had gone into voluntary administration.

"This is a natural consequence of a business in trouble," he said.

"I think the appointment of [FTI Consulting administrator] John Park is a solid appointment - I've known him professionally for a while, he's a good operator.

"He will do the job as administrator honestly and appropriately, as he should."

Federal Treasurer Scott Morrison told Macquarie Radio he felt for Queensland Nickel staff.

"Clive has a lot to answer for up there - they're questions he has to answer for," he said.

"Asking the Queensland [Government], or even the Federal Government, to bail him out I think is a bit rich."

Federal Opposition Leader Bill Shorten said he hoped Queensland Nickel would trade its way out of financial difficulty.

Mr Shorten said his key concern were the workers now left without a job.

"The first question is can this business keep trading?

"I wish well the workers, the small business, the creditors, and the administrators if they can sort of resuscitate this business."