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CITIC wins Preston wrangle

Maverick Australian mining entrepreneur (and member of Federal Parliament) Clive Palmer has lost a lengthy court battle to have China’s CITIC removed as operator of Pilbara iron ore port Cape Preston.
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Through his company Mineralogy, Palmer claimed CITIC’s Sino Iron project had breached port operating agreements between the two companies. The action, which was thrown out by the Federal Court in mid-August, is just one of more than 40 legal battles between the two groups that followed what might euphemistically be described as a breakdown in relations. The court also ordered Mineralogy to cease termination notices issued to CITIC.

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