As Chair of resources company, Mineralogy, Clive Palmer today welcomed the decision handed down by the Federal Court of Australia.
Mr Palmer said the Chinese companies had “occupied the port and shipped Australian resources to China without paying full consideration in accordance with its contract.”
“Sino Iron and CITIC Pacific seem to think they can take our resources without paying for them,” Mr Palmer said.
“Mineralogy stood as the last sentry at the gate protecting freedom of exploitation in Australia.
“Regardless of the cost to Mineralogy and my reputation, I have stood firm against these Chinese-owned companies.
“I will not stand by and see Australian interests raped and disrespected by foreign-owned companies.
“I predict this will be the first of many judgments to come our way in the next 12 months.
“Foreign-owned businesses operating in Australia must comply with and respect Australian law.”
In July of last year, the Federal Government began legal action to preclude Mineralogy from operating the security-regulated Cape Preston iron ore Port near Karratha.
Mineralogy was granted the right to operate the port just six months previously, however West Australian Premier Colin Barnett is believed to have urged the Federal Government to revoke the licence on the grounds Mineralogy did not have the credentials to operate the port.
The port was built by CITIC Pacific to ship iron ore from their $7 billion iron ore mine in WA.
For over a year CITIC has been embroiled in a bitter legal battle with Mineralogy over royalty payments from its iron ore project.