Clive Palmer Eyes $300B Damages Claim Over Mine Project

CANBERRA, AUSTRALIA - MAY 14: Member for Fairfax Clive Palmer speaks to the media on May 14, 2014 in Canberra, Australia. Australian Treasurer Joe Hockey last night delivered the federal budget announcing plans to reduce welfare, health and education program spending and increases taxes to bring the deficit down from $AUD 48.9 billion this year to $AUD 2.8 billion by 2017-2018. Photo by Stefan Postles/Getty Images

Clive Palmer’s pursuit of almost $300 billion in damages over a stalled iron ore project will be fought “vigorously”, the federal government says.

Palmer’s lawyers have filed a notice of arbitration targeting the Commonwealth under international trade law.