Tycoon Palmer Agrees to Iron Ore Mine Expansion by China’s Citic
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Australian billionaire Clive Palmer’s Mineralogy Pty has agreed to an expansion of one of the country’s biggest Chinese-run iron ore projects, the latest step in a decades-long spat with owners Citic Ltd.
Mineralogy owns the legal permits where the Sino Iron project is located and has approved its expansion, according to a statement from the Australian company on Wednesday. The operation is run by Citic Pacific Mining Management Pty, which is a Perth-based unit of the Chinese conglomerate.