Clive Palmer’s Mineralogy loses court bid to stall $24m payment

CLIVE Palmer’s flagship company has lost its court bid to stall paying the $24 million it owes to a Singapore-based exploration firm.

CLIVE Palmer’s flagship company Mineralogy has lost a court bid to stall paying millions owed to a Singapore-based exploration firm.

Mineralogy launched three appeals against a Brisbane Supreme Court order to pay the $24 million it owed to BGP Geoexplorer for works it undertook in the Gulf of Papua for another Palmer-owned company, Palmer Petroleum.

It lost one of those appeals last year and a second on Tuesday when appeal court Justice Philip Morrison dismissed attempts to delay payment.

Commercial litigator Ashley Hill, for BGP Geoexplorer, said the money would be released after a ruling on a final appeal relating to how much interest should be paid.

Palmer Petroleum owns a number of offshore exploration licences west of Papua New Guinea’s capital, Port Moresby.