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CITIC loses Mineralogy royalties appeal

Mining News - Published on Wed, 22 May 2019

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Australian Associated Press reported that Mr Clive Palmer's estranged Chinese joint venture partner has lost an appeal over royalties paid to the billionaire's private company from their massive iron ore project in Western Australia's Pilbara.

CITIC built the multi-billion dollar Sino Iron project on land owned by Mineralogy, and has been mining ore since 2013, but the parties have been locked in a dispute over how to calculate the royalties.

A WA Supreme Court judge ruled against CITIC in 2017, ordering it to hand Mineralogy $US149.4 million in back-payments.

The Chinese government-owned company said it was disappointed by the judgment handed down in the WA Court of Appeal on Tuesday.

Mr Palmer declared the ruling a significant win.

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Posted By : Rabi Wangkhem on Wed, 22 May 2019
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