Mineralogy (mining company)
Mineralogy signed a deal with the Chinese infrastructure company CITIC Pacific to develop a small portion of a large iron ore deposit in the Pilbara region of Western Australia. The agreement involves the development of two magnetite mines and construction of port infrastructure at Cape Preston. According to Palmer the company owns more than 1,000 km² of land in the region. Mineralogy was paid $415 million USD for the rights to mine the ore. According to Palmer the reserves contain 160 billion tonnes of iron ore.
Mineralogy has tried several times to raise capital to develop mines by floating a subsidiary company called Resourcehouse on the Hong Kong Stock Exchange. Another subsidiary called Chinampa Exploration owns offshore exploration licences in the Gulf of Papua that covers more than 43,000 km².
In a declaration to the Electoral Commission of Queensland it was revealed that Mineralogy donated $66,000 to the Liberal National Party of Queensland in 2011. In 2010, a similar disclosure revealed the company had donated $700,000 to the Liberal/National coalition.
The company has recorded a loss in the three financial years from 2008 to 2011 and as a result paid no taxes during that period.
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- "Mineralogy sign $5b iron ore deal". The Age. 3 April 2006. Retrieved 10 November 2011.
- Andrew Fraser and Andrew Burrell (13 February 2010). "The magnate's Chinese whispers". The Australian (News Limited). Retrieved 10 November 2011.
- "Clive Palmer". goldcoast.com.au (News Limited). 7 June 2008. Retrieved 14 April 2012.
- "Magnate's company paid no tax". Brisbane Times (Fairfax Media). 12 April 2012. Retrieved 27 April 2012.
- Nassim Khadem (30 November 2011). "Meet Clive Palmer: Busy one day, frantic the next". BRW.com.au. Retrieved 14 April 2012.
- "Press Digest - Australian Business News - Feb 6". Reuters (Thomson Reuters). 5 February 2012. Retrieved 14 April 2012.
- Rory Callinan (11 April 2012). "Industry giants gave $2m to LNP". The Sydney Morning Herald (Fairfax Media). Retrieved 14 April 2012.
- Mark Davis (2 February 2011). "A snip at $22m to get rid of PM". The Sydney Morning Herald (Fairfax Media). Retrieved 14 April 2012.
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