CITIC Pacific (Hong Kong stock code 0267.HK) is a Hong Kong-based conglomerate which is majority owned by China’s Citic Group in Beijing. Its activities span property, metals and mining, telecoms, and consumer products and its subsidiaries include CITIC Pacific Mining, CITIC Pacific Special Steel and Dah Chong Hong Holdings.
CITIC Pacific loses royalty fight against Australian tycoon
China’s CITIC Pacific has lost round one of a fight over royalties that Australian tycoon Clive Palmer claims he is owed from the Sino Iron project, but no longer faces the threat of losing the US$8 billion mine it has just built.
The ruling means CITIC Pacific must pay A$400,000 to Palmer.
“The decision will have no impact on the development or operation of the Sino Iron project,” CITIC Pacific said in a statement.