China’s biggest mine on Aussie soil makes $820m profit

Chinese conglomerate CITIC has recorded a profit of almost $820 million on its magnetite operations in Western Australia despite hefty royalty payments to its billionaire legal nemesis, Clive Palmer, and warnings it may have to shut down mining and processing.

CITIC subsidiary Sino Iron reported a profit of $US539.9 million ($818 million) for the year ending December 31, up from $US474.9 million a year earlier.