CITIC Pacific loses royalty battle but mine is safe

China’s CITIC Pacific has lost round one of a fight over royalties that Australian tycoon Clive Palmer claims he is owed from the Sino Iron project, but no longer faces the threat of losing the US$8 billion (HK$62.1 billion) mine it has just built.

The ruling means CITIC Pacific must pay A$400,000 (HK$3.1 million) to Palmer.

“The decision will have no impact on the development or operation of the Sino Iron project,” CITIC Pacific said.

via Business feed http://www.scmp.com/business/companies/article/1243284/citic-pacific-loses-royalty-battle-mine-safe