Citic Pacific

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.

BusinessMoneyMarket Snapshot

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.

Share

 

Send to a friend

To forward this article using your default email client (e.g. Outlook), click here.

Enter multiple addresses separated by commas(,)

Related topics

For unlimited access to:

SCMP.com SCMP Tablet Edition SCMP Mobile Edition 10-year news archive