Monday 31 August 2015

Otmane El Rhazi : Mineralogy seeks $10bn in damages from Citic

Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.

Australian miner Mineralogy has launched yet another court battle against Chinese government-owned Citic, this time launching a $10-billion claim for damages in the Supreme Court of Western Australia. “The simple fact is that Citic continues to export iron-ore concentrate from Western Australia and refuses to pay Mineralogy the royalty, which even Citic announced to its shareholders was the commercial basis of Mineralogy granting Citic its right to mine two-billion tonnes of magnetite iron-ore on Mineralogy mining leases,’’ Mineralogy chairperson Clive Mensink said on Monday

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