Mining tycoon revives United Australia political party

Billionaire Clive Palmer announced Friday he is reviving the United Australia Party and it will run candidates in the fall election.

The country should process its own natural resources locally instead of allowing countries like Japan and Korea to benefit, he said.

For example, instead of selling nickel at $40 per tonne, Australia could be selling processed product for $20,000 per tonne. 

Palmer says incentives to have downstream mineral processing in various regions of the country where people live — like New South Wales, Victoria, South Australia and Tasmania — will ensure they get the benefits.

The original United Australia Party was founded in 1931 and dissolved in 1945. It was the predecessor to the Liberal Party of Australia.

UAP plans to run candidates in 127 House of Representative seats and all Senate seats during the September federal elections, according to the AAP.

Watch the full announcement

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