Palmer said CITIC had “occupied the port” and shipped from the Sino Iron project without paying full consideration.

“Sino Iron and CITIC Pacific seem to think they can take our resources without paying for them,” he said.

“Regardless of the cost to Mineralogy and my reputation, I have stood firm against these Chinese-owned companies.

“I will not stand by and see Australian interests raped and disrespected by foreign-owned companies.”

The judgement is the latest in a long legal battle between Palmer and CITIC over the project’s royalty obligations and port operation.

In December CITIC shipped its first iron ore from the project, despite the ongoing dispute.

It is understood the company saw no impediments to export after gaining federal government approvals.

CITIC had previously been stockpiling ore at Cape Preston but not exporting due to a battle with Mineralogy over maritime security at the port.

“I predict this will be the first of many judgements to come our way in the next 12 months,” Palmer said.

“Foreign-owned businesses operating in Australia must comply with and respect Australian law.”

In December CITIC said the Sino project was nearing completion, with the power plant, slurry pipeline, desalination and port facilities all operational.

It said the first concentrator line at Sino was in operation and commissioning of line 2 was progressing.

The developments come after several years of delays and billions of dollars in budget blow-outs.