Tycoon-Backed Co. Wins Royalty Fight Over $7B Aussie Mine

Law360, New York (May 22, 2013, 6:58 PM EDT) -- A company backed by Australian tycoon Clive Palmer scored a victory Monday when Australia's state court ruled in its favor in a fight with CITIC Pacific Ltd.'s Sino Iron and Korean Steel over the timing of royalty payments tied to ore from a $7 billion mine.

In parsing an unclear provision of a contract between the parties, Judge James Joshua Edelman of the Supreme Court of Western Australia ruled in favor of Mineralogy Pty Ltd., saying its interpretation — which would call for an earlier payment...
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