GC Tycoon Clive Palmer to pay US$17 million debt to exploration company

Clive Palmer’s Mineralogy has lost its bid to avoid paying US$17.6 million to Singapore-based exploration company BGP Geoexplorer.

BGP Geoexplorer were employed for survey work in the Gulf of Papua in 2011.

Palmer’s company claimed, in a Brisbane Supreme Court trial, it was not obliged to pay BGP Geoexplorer the debt because it had breached its contract,  relating to the scope of the work.


However, Mineralogy will have to pay up with Justice David Jackson dismissing the claim in court this morning.

One of Mr Palmer’s lawyers indicated he would consider an appeal of the judgement.

Mr Palmer did not appear in court.