Citic Says It Wins Injunction to Prevent Australia HaltFion Li and David Stringer
China’s Citic Ltd. said it won an interim injunction preventing Australian lawmaker Clive Palmer’s Mineralogy Pty from terminating an iron ore project.
The Western Australia Supreme Court restrained Mineralogy from issuing further notices and allowed operations at the Sino Iron mine to continue without interruption, Hong Kong-based Citic said in an e-mailed statement today. The iron ore project is among the largest foreign mining investments by a Chinese company in Australia.
Palmer’s Mineralogy has alleged state-owned Citic failed to make royalty payments. In turn, Citic accuses Palmer of using funds from a joint account to help finance political campaigning by his Palmer United Party. The party has three senators in the Australian parliament’s upper house, whose support Prime Minister Tony Abbott’s government requires to pass legislation.