Mineralogy Pty, the Australian mining company owned by politician Clive Palmer, dropped its bid to push a Citic Pacific Ltd. unit into bankruptcy as the two companies continue a dispute over royalties from the world’s biggest magnetite iron ore project.
Citic Pacific Ltd. lost a bid to stop Mineralogy Pty from operating a port in Western Australia, part of a dispute stemming from the construction of the biggest magnetite iron-ore development in the country.
Australian mining magnate Clive Palmer led the vote count for the lower-house district of Fairfax in his native Queensland state, putting him on course to win a seat in the federal parliament after the Sept. 7 election.
Clive Palmer, the Australian mining entrepreneur planning to build a replica of the Titanic, is using a dispute over A$400,000 ($409,500) to try to seize control of an iron ore mine that Citic Pacific Ltd. has spent A$7 billion to build, the Chinese company’s lawyer said.
Clive Palmer, the Australian mining magnate whose party is on course to win three Senate seats in the Sept. 7 election, formed an alliance with another new member of the upper house and said Prime Minister Tony Abbott’s government will have to negotiate with the bloc to pass laws.
Clive Palmer, the mining magnate planning a Titanic replica, once said rivals called him “mad” to consider mining low-grade iron ore in Australia’s outback. Then China agreed to build the project for $2.5 billion.