Clive Palmer dealt court blow in $54 million battle
Summary: Former MP Clive Palmer has been denied a crucial $US40.5 million ($54m) cash injection after his estranged Chinese business partners won a court appeal.....
The Western Australian Supreme Court this morning upheld Citic’s appeal over an earlier court ruling that ordered it to pay a $6 royalty on each tonne of ore mined at its Sino Iron project in Western Australia.
Half of that royalty was due to go straight to Mr Palmer, representing a substantial cash windfall for the former billionaire at a time when his other business interests are struggling.
The other half was to be held by the court on trust while a wider ongoing royalty dispute between Mr Palmer and Citic is resolved.
Citic had previously warned that the $6 per tonne order could threaten the viability of the project, which has long been struggling to break even despite closing in on full production.
Palmer lowers claim against PM, Michaelia Cash
Mr Palmer has lowered his defamation claim against Prime Minister Malcolm Turnbull and Employment Minister Michaelia Cash from $10 million each to only $1 million.
The businessman and former MP filed lawsuits against the pair in February over allegedly defamatory comments they made about the demise of Queensland Nickel.
Documents lodged in the Brisbane Supreme Court last week show Mr Palmer has since amended his multimillion-dollar claim for general and aggravated damages to just $500,000 each with another $500,000 in interest.