Mineralogy is a mining company owned by Clive Palmer of Queensland, Australia. Mineralogy's mining projects are now producing and generating income. Mineralogy signed a deal with the Chinese infrastructure company CITIC Pacific to develop a small portion of a large iron ore deposit in the Pilbara region of Western Australia. The agreement involves the development of two magnetite mines and construction of port infrastructure at Cape Preston. According to Palmer the company owns more than 1,000 square kilometres (390 sq mi) of land in the region. Mineralogy was paid US$415 million for the rights to mine the ore. According to Palmer the reserves contain 160 billion tonnes of iron ore.