Tag: Clive Palmer

CLIVE Palmer’s company Mineralogy has announced the expansion of operations in Western Australia – entering into a long-term lease of a 1100sqm commercial property in Perth. Mr Palmer said Mineralogy has received vast wealth from WA, and it was now looking at expanding operations and reinvesting funds back into the state. The company’s George Palmer Deposit (part of the Balmoral magnetite deposit) hosts the Sino Iron Project, one of the world’s largest magnetite iron ore projects, operated by Citic Pacific Mining. “Nobody expected back in 1985 that this project would be so successful and create so much wealth for this country,” Mr Palmer said. “The Sino operation profits in Australia and China grew by 88pc in the last 12 months...

Image: Jwmcdonald81 BY REUBEN ADAMS THE QLD Supreme Court has taken the extraordinary step of freezing more than $200m of Clive Palmer’s assets, as Queensland Nickel liquidator PPB Advisory looks to recover millions of dollars allegedly owed by the mining magnate from the 2016 collapse of the refinery. On 25 May the Supreme Court granted an application by Queensland Nickel liquidators for freezing orders against Mr Palmer and several of his companies. In Mr Palmer’s case the value specified was $204,943,664.39, but other amounts were specified for the companies concerned. In its Summary of Judgement, the Court based its decision on its belief that Queensland Nickel liquidators had a good arguable case against Mr Palmer and the companies concerned.  Also,...

By Rachel Dally-Watkins 13 May, 2015 THE Supreme Court has dismissed a fraud case brought against Federal MP and Mineralogy founder Clive Palmer by two subsidiaries of Chinese mining company CITIC Pacific. The case alleged that Mr Palmer appropriated more than $12 million CITIC deposited with Mineralogy – to cover costs of operating a port at Cape Preston, WA, related to the Sino Iron project – for his election campaign and other uses. The money was reportedly transferred from Mineralogy’s account to the accounts of Media Circus, which developed advertising for the Palmer United Party’s election campaign; and to...