Clive Palmer reaps $447m in royalties from Chinese adversaries

Billionaire Clive Palmer says he has spent about $60 million on lawyers and in court costs in his battle with Chinese conglomerate CITIC, and won’t back down after reaping almost $447 million in mining royalties last financial year.

Mr Palmer said most Australian entities would fold or be forced into bankruptcy in the kind of legal battles he has waged with CITIC.