Klay Mr. Palmer (Clive Palmer) One of its subsidiaries is suing CITIC Securities. (Citic Limited) , claim 100 hundred million Australian dollars (equivalent to 71 hundred million dollars). This is the latest twist in a fierce legal battle over an iron ore project. Palmer is an Australian mining tycoon who later entered politics.

Mineralogy It is claimed that China's state-owned enterprise CITIC is withdrawing from the Sino-Australian iron ore joint venture in Western Australia. (Sino Iron) The project exported iron ore but failed to pay the royalty fees at the agreed-upon level.

Mineralogy Chairman Clive Münchke (Clive Mensink) stated: “Due to its refusal to fulfill these commercial agreements, CITIC Corporation is liable to...” Mineralogy Pay damages equivalent to the value of its right to refuse performance.

He said, CITIC also failed to fulfill its obligations to... Mineralogy other financial obligations, which appears to be a deliberate strategy to gain control over Australia’s resources without spending a penny.

The case was recently filed in the Supreme Court of Western Australia and revolves around the two parties' dispute over... 100 One of several legal actions initiated by the A$1 billion China-Australia iron ore business. The China-Australia iron ore joint venture project is in... 2006 Established in the year, but has repeatedly faced delays and technical issues.

This year 3 In the month, CITIC wrote down the value of the China-Australia iron ore project. 25 hundred million dollars.

The core of the dispute is that CITIC should... Mineralogy The level of royalty payments, the latter holding the right to exploit these mineral deposits.

In this recent case, according to... Mineralogy In a statement released, CITIC refused to pay a portion of the agreed-upon royalty fees. Media outlets have so far been unable to obtain the relevant court documents.

The legal battle between the two companies began with... 2012 Year and in the past 18 Monthly upgrade, CITIC filed a lawsuit, accusing Palmer of having done so through his company last year. Mineralogy Illegal misappropriation 1200 Tens of thousands of dollars in funding for his campaign.

Judge David Jackson (David Jackson) It was later ruled that Palmer was not required to... 1200 Defense against the charge of misappropriation of AUD 10,000.

This dispute occurred last year. 8 The moon is upgraded again. At the time, Palmer delivered a lengthy televised speech attacking the Chinese, calling them “bastards” and “scumbags” who had shot their own citizens. Palmer later apologized for these remarks.

Last month, the Federal Court of Australia dismissed... Mineralogy An effort to prevent CITIC from using a port in the Pilbara to export its iron ore. Mineralogy Previously, it was claimed that CITIC had agreed to take over the port once it was completed.

CITIC stated that it looks forward to the court reviewing the validity of the recent lawsuit.

CITIC stated: “Palmer occasionally files various lawsuits against numerous individuals and organizations. This follows the federal court’s dismissal of…” Mineralogy Since the attempt to terminate the key port agreement for the China-Australia iron ore project, another lawsuit has been filed by a company under its umbrella. Like other lawsuits, this one overlaps with issues already resolved in previous litigation.

Source: Financial Times