A company owned by Clive Palmer, the Australian mining tycoon turned politician, is suing China’s Citic Limited for A$10bn (US$7.1bn) in the latest twist in a bitter legal battle involving an iron ore project.
Mineralogy claims the Chinese state-owned company is exporting iron ore from their joint venture Sino Iron project in Western Australia without paying the agreed level of royalties.
“By repudiating the commercial arrangements the Citic companies are liable to pay mineralogy damages equivalent to the value of the rights Citic has repudiated,” said Clive Mensink, Mineralogy chairman.
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