Original article by Brad Thompson
The Australian Financial Review – Page: 3 : 1-Apr-21
The Supreme Court of Western Australia has issued draft orders outlining the terms for CITIC to acquire Balmoral, an entity controlled by Clive Palmer which holds the mining rights to an iron ore deposit in the Pilbara. This will give CITIC access to an additional one billion tonnes of iron ore. Palmer receives about $523m a year in royalties from CITIC’s existing iron ore operations in WA.
CITIC LIMITED, SUPREME COURT OF WESTERN AUSTRALIA