Embattled Queensland businessman Clive Palmer says the Queensland Nickel refinery in Townsville is set to reopen, despite its financial collapse more than two years ago and debts of hundreds of millions of dollars.

Mr Palmer issued a press release this morning saying as chairman of QNI Resources he had approved plans to reopen the refinery.

He said a related group of companies had nearly $500 million of cash reserves in Queensland banks which could be used get the plant up and running again.

While he said he does not need any financial assistance to reopen the refinery, he was calling on governments to lend their support.

"What is needed is a positive approach from Government to assist the refinery reopening in the shortest possible time," he said.

Clive Palmer says QNI Resources has approved plans to reopen the refinery, which collapsed in 2016. ( AAP )

The global nickel price has surged in the last 18 months in the wake of high demand, particularly from electric vehicle manufacturers.

ABC News understands there is nothing preventing Mr Palmer reopening the refinery or enhancing the value of the plant, other than requiring certain government permits and licences.

While Queensland Nickel went into administration in 2016, its two related companies QNI Resources and QNI Metals, could be free to take over operations.

Last week Mr Palmer told the ABC's 730 program he had "assets of $2.9 billion, which are here in Australia".

He rebuffed questions about sending money to his nephew and former Queensland Nickel director Clive Mensink, who is currently wanted on an arrest warrant for failing to appear to answer questions in court.

"It's my money, he's my nephew and if I want to pay him $1 million a week I will because I've earned my money hard," Mr Palmer said.

Last month Mr Palmer had more than $500 million worth of private and company assets frozen by the Supreme Court.

The action was taken by Queensland Nickel's liquidator PPB Advisory, which is trying to claw back $70 million in taxpayer funds paid to sacked workers.

When Queensland Nickel collapsed in 2016 it was left owing debts of about $300 million to creditors and put more than 800 people out of work.