Mineralogy (mining company)

Mineralogy
Private
Industry Mining
Founded 1984
Founder Clive Palmer
Products Iron ore
  • DecreaseA$-105,000,000 (2013)
  • US$63,000,000 (2012)

[1]

Total assets
  • DecreaseA$$112,000,000 (2013)
  • A$146,000,000 (2012)

[1]

Total equity A$159,000,000
Owner Clive Palmer
Website www.mineralogy.com.au

Mineralogy is a mining company owned by Clive Palmer of Queensland, Australia. Mineralogy's mining projects are not in production or generating income.

Mineralogy signed a deal with the Chinese infrastructure company CITIC Pacific to develop a small portion of a large iron ore deposit in the Pilbara region of Western Australia.[2] The agreement involves the development of two magnetite mines and construction of port infrastructure at Cape Preston. According to Palmer the company owns more than 1,000 km² of land in the region.[2] Mineralogy was paid $415 million USD for the rights to mine the ore.[3] According to Palmer the reserves contain 160 billion tonnes of iron ore.[4]

The company owns thermal coal deposits situated in the Galilee Basin.[5] Estimates of the size of the deposits reach 100  billion tonnes of coal.[6]

Mineralogy has tried several times to raise capital to develop mines by floating a subsidiary company called Resourcehouse on the Hong Kong Stock Exchange.[5] Another subsidiary called Chinampa Exploration owns offshore exploration licences in the Gulf of Papua that covers more than 43,000 km².[7]

In a declaration to the Electoral Commission of Queensland it was revealed that Mineralogy donated $66,000 to the Liberal National Party of Queensland in 2011.[8] In 2010, a similar disclosure revealed the company had donated $700,000 to the Liberal/National coalition.[9]

The company has recorded a loss in the three financial years from 2008 to 2011 and as a result paid no taxes during that period.[5]

See also


References

  1. ↑ 1.0 1.1 "Clive Palmer's billionaire status no longer certain". ABC News: Fact Check (Australian Broadcasting Corporation). 22 January 2014. Retrieved 22 January 2014.
  2. ↑ 2.0 2.1 "Mineralogy sign $5b iron ore deal". The Age. 3 April 2006. Retrieved 10 November 2011.
  3. ↑ Andrew Fraser and Andrew Burrell (13 February 2010). "The magnate's Chinese whispers". The Australian (News Limited). Retrieved 10 November 2011.
  4. ↑ "Clive Palmer". goldcoast.com.au (News Limited). 7 June 2008. Retrieved 14 April 2012.
  5. ↑ 5.0 5.1 5.2 "Magnate's company paid no tax". Brisbane Times (Fairfax Media). 12 April 2012. Retrieved 27 April 2012.
  6. ↑ Nassim Khadem (30 November 2011). "Meet Clive Palmer: Busy one day, frantic the next". BRW.com.au. Retrieved 14 April 2012.
  7. ↑ "Press Digest - Australian Business News - Feb 6". Reuters (Thomson Reuters). 5 February 2012. Retrieved 14 April 2012.
  8. ↑ Rory Callinan (11 April 2012). "Industry giants gave $2m to LNP". The Sydney Morning Herald (Fairfax Media). Retrieved 14 April 2012.
  9. ↑ Mark Davis (2 February 2011). "A snip at $22m to get rid of PM". The Sydney Morning Herald (Fairfax Media). Retrieved 14 April 2012.

External links