CITIC Sues To Keep Rights To $8B Australian Iron Ore Mine

Law360, New York (November 20, 2012, 8:14 PM EST) -- China's CITIC Pacific Ltd. on Monday filed for an injunction in Australian state court in an attempt to block tycoon Clive Palmer from yanking the mining rights that underpin the Chinese company's massive $8 billion magnetite iron ore project in Western Australia.

CITIC recently received a series of notices from Palmer's private natural resources investment company, Mineralogy Pty. Ltd., alleging that the Chinese miner had breached certain terms of the parties' mining rights and site lease agreements for CITIC's Sino Iron project, according to a statement...
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