CITIC ruling a bonanza for Palmer

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.

CORPORATES
CITIC LIMITED, SUPREME COURT OF WESTERN AUSTRALIA

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s