Clive Palmer says he has "saved the Yabulu Refinery for a second time" after snatching control of the Townsville nickel plant from administrators.

Key points: Palmer says Yabulu refinery "saved" after two companies join forces behind new manager Queensland Nickel Sales

Palmer says Yabulu refinery "saved" after two companies join forces behind new manager Queensland Nickel Sales $23 million worth of assets to back manager

$23 million worth of assets to back manager Former manager Queensland Nickel still under voluntary administration, could still be liquidated

Mr Palmer told the ABC he would use $23 million of his own cash to back a replacement management company for the refinery, to be controlled by him and his nephew Clive Mensink.

However, major creditors were told during a teleconference on Tuesday with administrators FTI Consulting that funding had been obtained from an unnamed "Sydney-based financier" and it would be secured on assets owned by Mr Palmer.

The State Government was earlier considering a request from the administrators for a $10 million loan guarantee, which is no longer being sought.

A plea for help by the State Government to Federal Treasurer Scott Morrison was earlier rejected.

"Because it's Clive Palmer it's been politicised. It's disappointing for these workers that their governments at state and federal level didn't care about them," Mr Palmer said.

"I have been harshly vilified with false allegations in respect of this matter.

"The refinery is not closing. We've saved 550 jobs.

"The operations were shutting down and I have saved the refinery for a second time."

FTI Consulting was called in by the previous management company, Queensland Nickel Pty Ltd.

That entity was on Monday replaced by Queensland Nickel Sales Pty Ltd, an existing company whose director and secretary is Mr Mensink.

In a statement, FTI Consulting said the arrangement announced on Monday was out of its control.

It said it would continue to investigate "the past management" of Queensland Nickel "and the underlying reasons for its insolvency". It will still decide whether to liquidate the company.

It added: "Prior to being replaced as manager, the administrators had given strong consideration to placing the Yabulu Refinery into care and maintenance due to ongoing trading losses being incurred and their concerns over plant maintenance, safety and environmental issues."

Fate of 237 workers' entitlements unclear

Queensland Treasurer Curtis Pitt said there was not enough detail in Monday's announcement.

"Mr Palmer needs to explain clearly what this new arrangement means for the existing entitlements of the refinery's current employees, and what guarantees he can give them about their future employment security and their existing entitlements," Mr Pitt said.

"Mr Palmer also needs to explain what impact the new arrangements may have on existing creditors including the 237 workers who have already been made redundant."

Mr Palmer could face investigation by the corporate regulator ASIC if it is found he acted as a "shadow director" of Queensland Nickel or if it traded while insolvent, which is a criminal offence.

Mr Palmer took over the refinery from BHP in 2009, when it was already 35 years old and carrying significant environmental liabilities.

Tailings dams at the plant contain thousands of tonnes of toxic waste products.

The cost of remediation has been estimated at between $40 million and several hundred million dollars.