Clive Palmer diversifies Mineralogy portfolio in WA

Clive Palmer

Clive Palmer has expanded Mineralogy’s operations in Western Australia by acquiring a long-term lease of an 1100-square-metre commercial property in Perth.

Mineralogy will use the leased office to accommodate visiting executives.

The profits of the multi-billion Sino iron joint venture (JV) project with Chinese state-owned CITIC grew by 88 per cent in the last 12 months in Australia and China, which Palmer attributed to “our quality iron ore.”

“Nobody expected back in 1985 that this project would be so successful and create so much wealth for this country,” Palmer said.

“Ironically, the Western Australian Government gives this company a 50 per cent royalty payment reduction.”

Mineralogy holds one of the largest iron ore deposits in the world, with access to over two billion tonnes of measured indicated and inferred magnetite ore at the Sino project in Western Australia.

The company, which Palmer said has attracted more than $15 billion of investment, has created more than 2500 direct jobs and 60,000 indirect jobs for the Australian economy.

Having received vast funds and wealth from Western Australia, Palmer was looking at reinvesting these funds back into the state, according to his media statement.

“Australian companies need to invest heavily in downstream processing which will create more jobs and wealth in Australia,” Palmer said.

The Mineralogy chairman has commenced recruiting for a “prominent Western Australian business person” to lead the company’s expanding operation in the state. He is expected to make an announcement in the coming weeks.

The latest property acquisition follows Mineralogy’s $4.6 million home purchase in September, which property group Domain describes as “an opulent mansion in Perth’s prestigious suburb of Applecross.”

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