Citic Pacific

CITIC Pacific loses royalty fight against Australian tycoon

PUBLISHED : Wednesday, 22 May, 2013, 8:35am
UPDATED : Wednesday, 22 May, 2013, 8:35am

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.