article

i would like to post an article from the c/mail .i do not have the date but obviously is post citic and pre arh DEAL.maybe it has relevence to future with regard to arh .maybe not.
Mr palmers company MINEROLOGY sold the rights to CITIC to develop and mine a major iron ore depositin wa.for that he recieved a cheque for us 215 mill.and will recieve a royalty of 100 mill a year.
He has five other similar projects he believes WILL YEILD $1 billion a year for his private company and vows to add 400 million to his personal wealth by december in a deal he would not divluge yesterday.
mr palmers strategy could net his company $7 billion if all blocks are developed .
he also retains a massive iron ore body that remains uncommitted.
the deal follows 20 years of trying and much scepticismwithin the australian market because of the projects massive scale and the need for capital .
"if we look at the altogether it gives us $1 billion a year in royalties and 1.6 billion in upfront payments."mr palmer said yesterday.
"people can be sceptical ,but this is CITICand theres no scepticism about the $300 million in my bank account"
"people have been sceptical for 20 years because we are not are pblicly listed and we havent gone out and taken monry from the mums and dads.we did it all ourselves.