Australian mining magnate and Australia's fifth richest man, Clive Palmer, is rewarding 50 employees with holidays for two to the Sheraton Mirage in Port Douglas after it was announced he would spend $10 million on bonuses for his 800 employees.

In an impressive display of generosity, Mr Palmer also gave his best 55 employees a new Mercedes Benz, and the remaining 700 a trip for two to Fiji staying in a five-star hotel.

Mr Palmer, a former Queensland property developer who's personal fortune has been estimated by Business Review Weekly at $3.92 billion, said he wanted to show his appreciation to his workforce.

"The employees in Queensland Nickel have worked tirelessly since July, 2009, to make this business a success and now I want to reward them."

Mr Palmer has been linked to the sale of the Sheraton Mirage, although agents responsible for the sale have denied that he is a potential purchaser.