Clive Palmer's Mineralogy has launched fresh legal action against Chinese-owned enterprise CITIC over claims it owes the Australian company $10 billion in damages.
The Palmer United Party founder announced on Monday that proceedings had been filed in the Supreme Court of Western Australia to claim the "net present value" of royalties owed by CITIC.
Mr Palmer said the foreign company had shipped up to $500 million worth of iron ore concentrate without meeting its contractual obligations.
"This is purely in respect to money that they owe us from minerals they have taken from Australia back to China, and not paid even one cent for," Mr Palmer said at Mineralogy's Brisbane office.
Mr Palmer said the legal action - the latest in a string between the two former venture partners - was likely to be upheld.
