Pacific, Palmer In Iron Royalties Dispute

Reuters reported CITIC Pacific has filed a court injunction against Clive Palmer over disputed royalties at the $8 billion Sino iron project in Western Australia.

As quoted in the market news:

The project, China’s largest foreign mining investment, is one of a number of Australian resource projects that have suffered from cost overruns and delays due to a shortage of skilled labour and higher prices for equipment and construction materials.

A joint venture between CITIC Pacific Ltd and Metallurgical Corp of China Ltd, Sino Iron was established in January 2007.

Click here to read the full Reuters report.