Palmer’s Mineralogy loses battle for control of Cape Preston port
PERTH (miningweekly.com) – The Federal Court of Australia has dismissed an appeal by Clive Palmer’s Mineralogy to prevent CITIC Pacific Mining from accessing the Cape Preston port, effectively cutting off the multibillion-dollar Sino iron-ore project from its export vein.
Despite Mineralogy’s insistence that it should be entitled to control of the port, the three appeal judges found that, in 2010, the privately held company had confirmed that it did not plan to get involved in the port operations and, in 2012, only after CITIC had spent billions on the Sino project, had Mineralogy had a “change of heart”.
The judges noted that none of the proposals between the two companies had the “slightest suggestion” that Mineralogy would be carrying out the operation and maintenance of the port facilities.
“The decision is welcome news for the project, our staff and Western Australia,” a CITIC spokesperson told Mining Weekly Online.
“The appeal court has affirmed our view that Mineralogy had no right to operate our port terminal facilities. We’ve invested heavily in this infrastructure and they're critical to our operations.”
“Having to deal with such matters is a distraction from our main objective – putting Sino Iron on a sustainable footing, both economically and operationally. Mineralogy’s litigious approach continues to undermine these efforts,” the spokesperson said.
CITIC is in the midst of ramping up production at Sino, with the mine set to produce 24-million tonnes a year at full capacity.
“We still face many challenges. The cooperation and commitment of all stakeholders is vital if Sino Iron is to reach its full potential,” the spokesperson said.
Mineralogy was unavailable for comment.
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