Perth: Mineralogy Chairman Clive Palmer announced today that he and his company had expanded its operations in WA entering into a long-term lease of an 1100 sqm commercial property in Perth.
Mr Palmer said Mineralogy received vast funds and wealth from WA and was now looking at reinvesting these funds back into the Western Australia.
The lease of the office on Level 22 of the Exchange Tower on The Esplanade follows Mineralogy’s September purchase of a $4.6 million Applecross home, which will be used by the company to accommodate visiting executives.
Mr Palmer said he had begun recruitment for a prominent WA business person to lead the expanding WA operation with an announcement expected to be made in the coming weeks.
Mineralogy holds one of the largest iron ore deposits in the world and has attracted more than $15 billion of investment, creating more than 2,500 direct jobs and 60,000 indirect jobs for the Australian economy.
“Nobody expected back in 1985 that this project would be so successful and create so much wealth for this country.”
He said the Sino investment was the largest by a Chinese state owned company outside China, showing the importance of WA resources.
“The Sino operation profits in Australia and China grew by 88% in the last 12 months as a result of our quality iron ore.
“Ironically, the WA Government gives this company a 50% royalty payment reduction.
“Australian companies need to invest heavily in downstream processing which will create more jobs and wealth in Australia,’’ Mr Palmer said.