Chinalco could invest $426 million in Suriname bauxite project
If approved by parliament, Chinalco could begin construction by the middle of next year.
Chinese infrastructure firm Citic Pacific owes Australian tycoon Clive Palmer royalties related to a $6.8 billion iron ore project, according to the Supreme Court of Western Australia.
The dispute originated from a 2006 agreement committing Citic to quarterly royalty payments of A$0.30/tonne of ore “taken.”
Citic claimed that they should only have to pay once the ore is delivered to a crusher. Palmer’s interpretation, supported by the ruling, is that the royalties should become due once the ore is stockpiled.
Citic is now on the hook for A$400,000 of back payments, which must be paid to Palmer’s firm, Mineralogy.
