Mineralogy (mining company)
|Total equity||A$159 million|
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 square kilometres (390 sq mi) of land in the region. Mineralogy was paid US$415 million 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 square kilometres (17,000 sq mi).
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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