Clive Palmer’s been accused of breaking Western Australia’s Mining Act in a report in the Australian Financial Review.
Reportedly, Palmer’s private company Mineralogy bought a tenement in WA from a listed company which is led by one of his political party’s senate candidates Zhenya Wang.
Mineralogy, according to the report, allegedly snapped up the tenement — for Karratha in the state’s south-west — six days after it was given up by Australasian Resources.
Palmer is the majority owner of Australasian Resources, and the owner of Mineralogy.
Wang denied doing anything wrong in the report. He’s waiting on a Senate recount so see if he gets into the Upper House.
There is a potential though, that if the claims are true, minor shareholders missed out on compensation, after the exploration license which costs tens of thousands of dollars was dropped.
According to the report the purchase could also be in breach of WA’s Mining Act.
Palmer is also waiting on a recount to see if he will get a Lower House seat for the Sunshine Coast electorate of Fairfax.
There’s more here.
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