No End in Sight for Citic in Australian Mine Dispute
Citic Ltd. said it is considering its next step, including an appeal, after an Australian court ordered it to pay $149.4 million in royalties on its Sino Iron project in Western Australia to previous owner Clive Palmer.
The dispute between Citic and Palmer can be traced back to 2006, when the Chinese conglomerate’s Hong Kong-listed unit paid Palmer $450 million for 25-year mining and leasing rights to the iron ore mine. As part of the agreement, Citic would also pay two royalties to Palmer.
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