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 as a result of our quality iron ore.
“Ironically, the WA Government gives this company a 50pc royalty payment reduction.”
The Sino Iron Project operates out of Cape Preston, 100km south west of Karratha in the Pilbara and is the first iron ore project to include large scale downstream processing – expected to produce 27.6mt per annum of a mix of pellets and concentrate.
“Australian companies need to invest heavily in downstream processing which will create more jobs and wealth in Australia,” Mr Palmer said.
The company has also begun recruitment for a prominent WA businessperson to lead the expanding operations with an announcement expected to be made in the coming weeks.
