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Citic Pacific workers gathered outside the Supreme Court this morning to applaud the company's lawyers as they entered the building. Photo: Attila Csaszar

Palmer in court for $US150m Citic royalty fight

Clive Palmer has dismissed the gathering of CITIC Pacific Mining employees outside the Supreme Court of Western Australia this morning, ahead of the start of the trial between his private company, Mineralogy, and Citic over royalties, as a ‘Chinese tactic’.

Ahead of the first hearing , workers from Citic Pacific – the wholly-owned subsidiary of China-based CITIC Limited - gathered outside the Supreme Court to applaud the company’s lawyers as they headed in.

The companies have been embroiled in legal battles for several years but the three-week trial focuses on the main dispute between the parties relating to calculations for royalty payments from the multibillion-dollar Sino Iron mine, which draws ore from Mineralogy-owned land.

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Comments

Southwest
It would be such a shame if both parties could not agree on an outcome that would be acceptable for Mr Palmer and allow Sino Iron to reach full production to allow for a financial return on their investment, and to enable the project to commit to 25 years of production. Last time I looked, Western Australia was in a tough spot, financially, and cannot afford to lose $1 billion a year from this project's export income.

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WA export revenue

10th↑South32$1.70bn
11th↑Mineral Resources$1.50bn
12th-CITIC Pacific Mining$1.20bn
13th-Atlas Iron$871.0m
14th↑Cliffs Natural Resources$813.0m
49 exporters ranked by WA export revenue most recent financial year

Number of Employees

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