Palmer agrees to give CITIC land - at a cost

MINERALOGY owner Clive Palmer has offered his company’s tenant CITIC and its subsidiaries “thousands of square kilometres of land” for A$750 million.

Palmer agrees to give CITIC land - at a cost Palmer agrees to give CITIC land - at a cost Palmer agrees to give CITIC land - at a cost Palmer agrees to give CITIC land - at a cost Palmer agrees to give CITIC land - at a cost

Clive Palmer

He also wants CITIC to continue to pay royalties on the basis the Western Australian Supreme Court ordered it to last year.

CITIC has been chasing the extra land as part of its mine continuation plan and has taken Palmer to the Federal Court to compel him and Mineralogy to sub-lease it more land.

The company and its subsidiaries Sino Iron and Korean Steel have joined the WA government to the action.

CITIC says it needs the extra land so its Sino Iron magnetite project at Cape Preston in WA's Pilbara region can continue to operate.

Some of the land is needed so the operation can extend its tailings storage facility.

Palmer said the company could have the land it wanted for $750 million.

"The problem is the Chinese don't want to pay for a...