Mineralogy (mining company)

Mineralogy is a mining company owned by Clive Palmer of Queensland, Australia. Mineralogy's mining projects are now producing and 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. 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 of land in the region. Mineralogy was paid 415 million for the rights to mine the ore. According to Palmer the reserves contain 160 billion tonnes of iron ore.
The company owns thermal coal deposits situated in the Galilee Basin. Estimates of the size of the deposits reach 100  billion tonnes of coal.
Mineralogy has been in a long running legal dispute with CITIC Limited’s (formerly CITIC Pacific Limited) Australian subsidiary companies that are exploiting the magnetite mine in the Pilbara region of Western Australia. In 2013 Mineralogy commenced legal proceedings to resolve a dispute about royalties it claimed to be due to it, which in 2017 the Western Australian Supreme Court delivered judgement in favour of Mineralogy.
The CITIC parties appealed the decision of the trial judge to the Court of Appeal, but lost.
The outcome of the proceedings above is that Mineralogy received US$350 million with ongoing royalties of US$ 200 million annually. As at 30 June 2018, Mineralogy had consolidated Net Asset Position reported at a value of AUD $450,959,878 (audited).
On 27 September 2018 Clive Palmer also confirmed that as a result of the wins in the Western Australian Courts and the subsequent payments of royalties to Mineralogy, work has re-commenced by Blue Star Line to build Titanic II. Blue Star Line is a subsidiary company of Mineralogy.
Titanic II is forecasted to set sail in 2022, and to follow the original route of the Titanic.