Businessman Clive Palmer has described his victory in the long-running royalties battle in the Pilbara against Chinese state-owned government enterprise Citic Pacific as a “win for all Australians”.
Palmer was awarded around $200 million in damages and a further $200 million to be paid annually for the next 30 years by the Western Australian Supreme Court last week in the dispute over royalty payments.
The dispute stems back to dealings between the two parties in 2006. Citic had paid Palmer $US415 million as part of takeover agreement, which included two separate royalties, for the Sino Iron project.
However, Citic refused to pay the second royalty, causing Minerlogy to make the claim in court.
WA Supreme Court Justice Kenneth Martin ruled that Citic’s wholly-owned subsidiaries Sino Iron and Korean Steel pay Palmer’s Mineralogy the damages.
“This is a win for Australian law over Chinese Communist Government powerhouses who have wasted precious court time, resources and energy,” Palmer said.
“Many Australian companies have lost these battles because they haven’t been able to afford to fight them.
“For too long they have used their power to try and crush Australian enterprise and thankfully today justice has been served.”
Another hearing will take place this week to address remaining issues in the dispute.