More than 200 workers at Clive Palmer's Queensland nickel refinery have been laid off amid sliding nickel prices.
Queensland Nickel says it has been forced to make 237 workers redundant, partly because of the state government's lack of support during a tough trading period.
The price of nickel has tumbled by 42 per cent in the past 12 months due to a global oversupply of the commodity.
The job losses at the Townsville refinery are expected to significantly hurt families and the region's economy, Queensland's acting premier Jackie Trad said.
"Well clearly job losses of this magnitude will be felt throughout the local regional economy," she told reporters on Friday.
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"But I will say in relation to Queensland Nickel, the government did try to work with Queensland Nickel to secure these jobs."
She said the company refused the government's request to access its full financial statements.
"We could not in all good conscience hand over money to a private company without full financial due diligence," she said.
A statement from Queensland Nickel, owned by federal MP Clive Palmer, said the state government had made it clear it had no interest in assisting the refinery.
Queensland Nickel managing director Clive Mensink said the Queensland government supported other multinational operations.
"We only requested a $30 million guarantee to support our company's borrowings backed by our large asset base," Mr Mensink said.
"Queensland Nickel did not seek any money from the government."
He said Queensland Nickel would focus on continuing its operations in Townsville and ensuring the continuation of 2,000 jobs.
