Mineralogy (mining company)

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Mineralogy
Private
Industry Mining
Founded 1984
Founder Clive Palmer
Products Iron ore
  • Decrease A$(105) million (2013)
  •  US$63 million (2012)[1]
Total assets
  • Decrease A$112 million (2013)
  •  A$146 million (2012)[1]
Total equity A$159 million
Owner Clive Palmer
Website www.mineralogy.com.au

Mineralogy is a mining company owned by Clive Palmer of Queensland, Australia. Mineralogy's mining projects are not in production or generating income.

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.[2] 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 square kilometres (390 sq mi) of land in the region.[2] Mineralogy was paid US$415 million for the rights to mine the ore.[3] According to Palmer the reserves contain 160 billion tonnes of iron ore.[4]

The company owns thermal coal deposits situated in the Galilee Basin.[5] Estimates of the size of the deposits reach 100  billion tonnes of coal.[6]

Mineralogy has tried several times to raise capital to develop mines by floating a subsidiary company called Resourcehouse on the Hong Kong Stock Exchange.[5] Another subsidiary called Chinampa Exploration owns offshore exploration licences in the Gulf of Papua that covers more than 43,000 square kilometres (17,000 sq mi).[7]

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.[8] In 2010, a similar disclosure revealed the company had donated $700,000 to the Liberal/National coalition.[9]

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.[5]

See also[edit]

References[edit]

  1. ^ a b "Clive Palmer's billionaire status no longer certain". ABC News: Fact Check. Australian Broadcasting Corporation. 22 January 2014. Retrieved 22 January 2014. 
  2. ^ a b "Mineralogy sign $5b iron ore deal". The Age. 3 April 2006. Retrieved 10 November 2011. 
  3. ^ Fraser, Andrew; Burrell, Andrew (13 February 2010). "The magnate's Chinese whispers". The Australian. Retrieved 10 November 2011. 
  4. ^ "Clive Palmer". Gold Coast Bulletin. 7 June 2008. Retrieved 14 April 2012. 
  5. ^ a b c "Magnate's company paid no tax". Brisbane Times. 12 April 2012. Retrieved 27 April 2012. 
  6. ^ Khadem, Nassim (30 November 2011). "Meet Clive Palmer: Busy one day, frantic the next". BRW. Retrieved 14 April 2012. 
  7. ^ "Press Digest - Australian Business News - Feb 6". Reuters. Thomson Reuters. 5 February 2012. Retrieved 14 April 2012. 
  8. ^ Callinan, Rory (11 April 2012). "Industry giants gave $2m to LNP". The Sydney Morning Herald. Retrieved 14 April 2012. 
  9. ^ Davis, Mark (2 February 2011). "A snip at $22m to get rid of PM". The Sydney Morning Herald. Retrieved 14 April 2012. 

External links[edit]