Clive Palmer
Clive Palmer Rockhampton Morning Bulletin

Palmer 'paid no tax in 2010-11'

BILLIONAIRE mining magnate Clive Palmer's mining company Mineralogy reportedly paid no tax in the 2010-11 financial year.

A Fairfax media report on Thursday cited ASIC documents showing the company had reported losses for the past three years.

Mr Palmer has been a virulent critic of the mining tax proposed by the Federal Government.

A company spokesman would not comment on the figures except to say the magnate had a "vast portfolio of business interests including numerous resource companies".

"Mineralogy lodges its accounts with ASIC and follows all regulatory procedures."