Bit of food for thought - Clive Palmer's private company, Mineralogy, took control of a potentially lucrative mineral tenement in Western Australia six days after it was given up by a listed company led by one of his Senate candidates, Zhenya Wang.
The way the tenement was transferred raises questions over whether Mineralogy unfairly obtained an asset it had no right to, whether Mr Wang allowed that to happen and if there was a breach of the state's Mining Act.
Mr Wang, who is awaiting a Senate recount to see if he has been elected, has denied doing anything wrong.
Australasian Resources, majority-owned by Mr Palmer, surrendered exploration rights to a potential iron ore tenement in 2011. Mineralogy claimed the rights days later.
The change in ownership meant that the rights to explore a tenement, located south-west of Karratha, that Australasian Resources had spent tens of thousands of dollars on, was dropped. No compensation was paid to minority shareholders.
The exploration rights were then claimed by Mineralogy, even though the Mining Act is designed to prohibit related parties doing so within three months.
Suggest small shareholders start asking questions!!!
ARH Price at posting:
7.4¢ Sentiment: Sell Disclosure: Not Held
