Court rebuffs “absurd” Palmer claim on CITIC

Advertisement
images

From the AFR. Clive Palmer’s Supreme Court challenge to shut down Sino Iron is not going so well:

…Justice Edelman said “Mineralogy imposes a time table which, to be frank, is absurd.”

Until this week, Mineralogy’s lawyers claimed there were outstanding royalty payments linked to 19,000 tonnes of already extracted magnetite…Mineralogy changed its legal approach this week by arguing that the royalty rate was “uncalculable”. Mineralogy’s lawyer Rebecca Lee argued in court on Wednesday that because the contract was disputed, Citic could not export the ore.

…Justice Edelman said that it would be “grossly unfair” on Citic to order a trial concerning potentially significant royalty payments just nine days after Mineralogy changed its legal argument.

And so the ore goes China (quite a lot of it) as Clive goes to Canberra.

Advertisement
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.