Businessman and political hopeful Clive Palmer has announced plans to pay back "millions of dollars" in outstanding entitlements owed to hundreds of workers who lost their jobs when his Queensland nickel refinery went bust more than three years ago.

Key points: Clive Palmer said he hopes to reopen the Queensland Nickel refinery immediately

Clive Palmer said he hopes to reopen the Queensland Nickel refinery immediately Mr Palmer said his company had "$400 million in the bank" to pay back workers

Mr Palmer said his company had "$400 million in the bank" to pay back workers The company owed $300 million in debts to creditors when it collapsed in 2016

Fronting the media in Townsville this morning, Mr Palmer said he wanted to reopen the refinery immediately.

"Townsville's certainly been doing it tough and difficult since the floods and we want to look forward and not backwards," he said.

"For that reason I've decided today that we will pay out all outstanding amounts in workers' entitlements that was owed by Queensland Nickel."

When the company collapsed in 2016, it was left owing debts of about $300 million to creditors, including local businesses and the Federal Government, which covered entitlements for the 800 people who lost their jobs.

Mr Palmer distanced himself from the sackings, instead taking aim at the administrators who were overseeing operations at the time.

"This is despite the fact that we never sacked anybody and the administrators moved in to sack the workforce and to close the refinery operations down at a time when we were ready to pay all the workforce and to transfer them and to operate the refinery," he said.

He said his company had about "$400 million in the bank" ready to pay out.

Asked why people should trust him, Mr Palmer responded, "it's not for them to trust me, I own the refinery and it's my money — it's a question for me to trust them".

"We want to move forward as soon as we can for a large-scale industrial operation to make sure this city operates," he said.

"We're not asking for anything or any assistance."

It is understood Mr Palmer is offering to pay what is owed to workers above what the Federal Government's employee entitlements scheme has already covered.

"There'll be a form put on our website in the next 14 days where people can go to, fill in their details and make a claim," Mr Palmer said.

"They'll be assessed against the internal records that we've still got available and a cheque will be dispatched to those people."

'I hope it's true'

Former QNI worker Shawn Bramwell said the timing of the announcement was suspicious, but he welcomed it.

"I do think that it is tied in with the election because why wouldn't he [Mr Palmer] pay it back a long time ago?" Mr Bramwell said.

"I hope it's true … it's the right thing that he should have done years ago."

Australian Manufacturing Workers Union (AMWU) organiser Peter Dalton said repaying workers would be a positive move, but would not help Mr Palmer's political position.

"There's a lot of doubt around what Clive Palmer says and what may actually happen, so we would like to see that happen before anyone believes it," he said.

"I would think the voters of Townsville have long memories … I can't imagine that there would be too many voters in Townsville that would be interested in giving Clive another shot."

Offer to pay 'paltry': Liquidators

Special Purpose Liquidator of Queensland Nickel, Stephen Parbery, said there was approximately $7.16 million in outstanding entitlements.

He said it was unclear whether Mr Palmer intended to also repay the Federal Government.

"It is unclear whether Mr Palmer intends to also repay Australian taxpayers for the $66.86 million that was paid to Queensland Nickel employees under the Commonwealth's Fair Entitlements Guarantee in 2016," Mr Parbery said.

"However, it is disappointing that Mr Palmer's offer, to at long last redress the employees, has taken over three years, and hasn't been extended to the small businesses located in the Townsville region who have been equally affected by the flooding that has had such a dramatic effect on the region.

"Instead, Mr Palmer has been offering payments that can only be described as paltry to the affected small businesses in the Townsville area.

"Litigation continues in the Supreme Court of Queensland against Mr Palmer and a number of individuals and related entities to recover $200 million in claims against Queensland Nickel."

The trial has been set down for July 15, 2019 and is expected to run for 45 days.

Last month, the ABC's 7:30 revealed workplace safety concerns at the Townsville refinery.

In the two years prior to the collapse of Queensland Nickel, the company donated more than $21 million to the Palmer United Party.

Clive Palmer distanced himself from the sackings during the press conference. ( ABC News: Sally Rafferty )

'Actions will speak louder than words'

Townsville Mayor Jenny Hill said the local community was "still hurting".

"Actions will speak louder than words — people will wait to see what is actually deposited in their bank account," she said.

"We need a bit of clarity about what is actually being paid, but if it's the full entitlements and he's paying the Government back, and if that's what he is doing, then that's kudos to him.

"We are one of a number of creditors that are still owed money and we would like to see money paid."

When asked if Mr Palmer had been in touch, Cr Hill said, "we've had no discussions".

"Let the community judge the timing of this announcement — I won't be the judge of that," Cr Hill said.

'Ask me on Thursday': Palmer avoids questions on Herbert

Mr Palmer has spent months running a multi-million-dollar billboard and television advertising campaign promoting his reshaped United Australia Party, after announcing plans to "contest every seat" in the upcoming federal election.

Despite once suggesting he could run in the marginal Townsville seat of Herbert, today Mr Palmer would not say if he would actually stand.

"I can't presume that I'll be the candidate, it depends who the party decides who'll be the candidate," he said.

"I wouldn't answer any political questions here, you can ask me on Thursday [when nominations close]."

Managing director of QNI Resources and QNI Metals, Nui Harris, called on the State Government to give approvals needed to restart operations at the refinery, including port and rail access approvals.

"Labor has said to Clive Palmer he should pay these workers' entitlements, which he has now acknowledged that he will do so," he said.

"Now is the time for the Premier and the State Government to do their part and get behind this particular refinery and secure the necessary approvals for the re-commissioning and for the good people of Townsville to get back their jobs.

"We also call on the Townsville Mayor Jenny Hill to get behind the refinery and the rebuilding contracts that need to go on over the next 12 to 18 months."