Clive Palmer's Australasian Resources Company Has Been Suspended For Not Lodging Its Accounts

Clive Palmer. Photo: Getty / Stefan Postles

Australasian Resources, a company associated with Clive Palmer, has been suspended by the Australian Securities Exchange for failing to publish its annual accounts.

The Sydney Morning Herald quotes Palmer as saying he has no idea why a company holding $7 million of his money has failed to lodge its financial accounts in time.

Mr Palmer and his company Mineralogy collectively own almost 70% of Australasian Resources which holds undeveloped iron ore and nickel tenements.

“I don’t know anything about Australasian Resources,” he told the Fairfax Media. “I’m not in business any more, you need to ring the company, ring the chairman.”

Meanwhile, Clive Palmer’s Mineralogy has moved to terminate its partnership with the Chinese operator of its $10 billion iron ore mine in Western Australia.

The state-owned Citic Pacific has been given notice that its right to mine iron ore at the Sino Iron Project in Western Australia will be terminated.

The move is he latest in a series of legal battles between Citic Pacific and Mineralogy.

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