Mineralogy’s high grade iron ore was the reason the Chinese government-owned Citic Limited was able to post huge profit increases amidst a global market downturn, Clive Palmer said today.
“Citic Limited just announced a 50% profit increase on the back of an 88% profit increase the year before,’’ Mr Palmer said.
“This is at a time when the coronavirus is having a huge impact on global markets.
“These excellent profits are a direct result of our high quality Mineralogy deposits in WA,’’ Mr Palmer said.
“The Chinese government-owned company hides behind curtains. They say the project in Australia is in jeopardy yet they receive a 50% discount on royalty payments to the WA government.
“How is it that the largest dedicated manufacturer of special steel in China, with record profits and revenue, and total assets over $USD 10 billion is given discounts by the WA Government?
“This 50% discount which they can afford based on exorbitant profits could have paid for a new school or new hospital every year for the next 30 to 50 years.
“The McGowan government needs to wake up and start to support its own community,’’ Mr Palmer said.
“Serious questions must be asked as to why Mark McGowan and his government have such a close relationship with China.