The Courier-Mail

Palmer goes to war with Chi­nese min­ing part­ner

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MIN­ING mag­nate and Fed­eral MP Clive Palmer launched a $10 bil­lion law­suit against his es­tranged Chi­nese busi­ness part­ners yesterday in a fresh as­sault in the long-run­ning le­gal bat­tle.

Mr Palmer is claim­ing $10 bil­lion in dam­ages against Chi­nese Gov­ern­ment-owned Citic Pa­cific, claim­ing it re­fused to pay roy­al­ties on an iron ore deal.

Citic ap­peared to shrug off the claim against it and in a state­ment said: “Mr Palmer regularly makes all sorts of claims against a host of peo­ple and or­gan­i­sa­tions.”

Dur­ing the an­nounce­ment made at his Min­er­al­ogy of­fice in Bris­bane, Mr Palmer cast as­per­sions on the Chi­nese bank­ing sys­tem, ref­er­enced the China Free Trade Agree­ment and said “the Chi­nese prac­tice has been to try to bank­rupt Aus­tralian com­pa­nies”.

It is part if an on­go­ing dis­pute be­tween Mr Palmer (pic­tured) and his com­pa­nies against Citic Pa­cific over min­ing roy­al­ties in WA.

In the latest ac­tion lodged in the WA Supreme Court, Mr Palmer’s Min­er­al­ogy wanted Citic to pay out all roy­al­ties he said would be owed over the full 61-year min­ing lease agree­ment first signed al­most a decade ago. Mr Palmer said that was val­ued at $10 bil­lion.

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