China's Citic Battling Australia's Clive Palmer, Again [Forbes]
CITIC LTD S/ADR (CTPCY)
NASDAQ:AMEX Investor Relations:
citic.com/investorrelations/investorrelations
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Source: Forbes
While best known in Australia as a former member of the national Parliament, Palmer's $4.2 billion fortune is built on ownership of iron ore tenements in Western Australia being worked by Hong Kong based Citic Ltd. He is also a prolific investor in real estate, especially around his home base on Queensland's Gold Coast, south of Brisbane. Funding for his real estate and political activities flows from a generous deal struck with Citic more than 20 years ago which included a handsome up-front payment and, more importantly, the long-term payment of royalties based on tons of ore mined. Clive Palmer prior to speaking at National Press Club on July 7, 2014 in Canberra, Australia. (Getty ... [+] Images) The relationship between Palmer's company, Mineralogy, and Citic can be likened to an unhappy landlord/tenant situation with Citic paying Mineralogy an initial fee of $560 million for the right to mine and the ongoing royalty. But the deal has never run smoothly despite Citic inv
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