Tag: Citic Pacific

CITIC Pacific: Next phase production

CITIC Pacific: Next phase production

All Images: CITIC Pacific Mining. BY CAMERON DRUMMOND A LEGAL stoush between Mineralogy and CITIC over royalty payments from the Sino Iron project is awaiting decision by the WA Supreme Court, and could affect up to 2600 workers currently involved with the operation. Although beleaguered by mounting costs, court battles and a volatile iron ore price, CITIC Pacific Mining remains confident its Sino Iron project in the Pilbara will become a stalwart of the WA mining scene, contributing 24 million tonnes per year (mtpa) of magnetite ore to its steelwork counterparts in China. Headquartered in Perth, CITIC Pacific Mining (CPM) was established to manage the construction and operation of the Sino Iron project, an integrated mining, processing and port operation…

Palmer cleared of fraud charges

Palmer cleared of fraud charges

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 Cosmo Developments, another enterprise owned by My Palmer. However, it was repaid by Mineralogy before the case began in late 2014.…