CITIC laughs off ‘empty’ Min­er­al­ogy va­cate threat

Pilbara News - - Resources - Pe­ter Klinger

■ Fed­eral MP Clive Palmer’s pri­vate in­ter­ests have re­fused to be put off by a damn­ing loss in the Fed­eral Court, last week threat­en­ing a fresh cam­paign in the long-run­ning roy­al­ties war with CITIC Pa­cific to try to kick the Chi­nese group off the $10 bil­lion Sino Iron mine.

The threat was im­me­di­ately laughed off by CITIC, which dis­missed Palmer com­pany Min­er­al­ogy’s warn­ing as “empty” and pointed out no court ap­pli­ca­tions had been filed.

“Min­er­al­ogy has a long his­tory of mak­ing threats against the project — all have failed, ” a CITIC spokesman said.

“We note Min­er­al­ogy has not even sought an or­der from the court. We don’t ex­pect op­er­a­tions will be im­pacted by this lat­est empty threat.”

CITIC’s out­burst was sparked by a Min­er­al­ogy dec­la­ra­tion yes­ter­day it “has moved to re­take pos­ses­sion of its iron ore site” oc­cu­pied by CITIC and would is­sue no­tices to de­liver va­cant pos­ses­sion and cease oc­cu­pa­tion, un­der WA’s Min­ing Act.

Min­er­al­ogy chair­man Clive Mensink said in a state­ment the ap­pli­ca­tions came with 60-day no­tice pe­ri­ods, though no men­tion was made of when he ex­pected the ac­tion to start.

The threat is the lat­est in a lon­grun­ning bat­tle be­tween Min­er­al­ogy and CITIC over roy­alty flows from Sino Iron, which is based on ten­e­ments held by the Palmer com­pany.

Min­er­al­ogy has long claimed CITIC had re­neged on the agreed roy­al­ties sched­ule.

Min­er­al­ogy’s bat­tle suf­fered a ma­jor set­back three months ago when a long-run­ning cam­paign to kick CITIC off Sino Iron’s Cape Pre­ston port failed.

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