Palmer goes to war with Chinese mining partner
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.