A company owned by Clive Palmer, the mining tycoon turned lawmaker, has moved to terminate the mining rights of China’s Citic at its multibillion dollar Sino Iron project in Australia.
Mr Palmer’s company Mineralogy on Friday served a legal notice against Citic – until recently known as Citic Pacific – marking the latest development in an increasingly bitter dispute between the partners in the troubled iron ore project.
“This is a A$10bn project involving many hundreds of millions of dollars, they’ve failed to pay their royalties to us and they’ve shipped more than $200m worth of product to China and not paid for it,” said Mr Palmer.
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