CITIC appeals royalty ruling

CITIC Pacific Mining has again warned that a recent court judgement against it has put the viability of the multibillion Sino Iron magnetite project at risk.

CITIC appeals royalty ruling CITIC appeals royalty ruling CITIC appeals royalty ruling CITIC appeals royalty ruling CITIC appeals royalty ruling

In November, the Western Australian Supreme Court ruled that Clive Palmer's Mineralogy was owed some $148.4 million by CITIC Pacific Mining (CPM) on Royalty Component B for all production from Sino Iron since 2013.

In announcing a formal appeal yesterday, CPM CEO Chen Zeng said the ruling was disappointing and had serious ramifications.

"We owe it to our 2600-strong workforce, our shareholders and the wider Western Australian community to pursue all avenues of appeal," he said.

"Different royalties are payable to Mineralogy and the state. It's important that the overall royalty burden is fair and reasonable to the project and royalty recipients."

CITIC has spent m...