The company was established by its founder Clive Frederick Palmer primarily to acquire and explore for iron ore. It has a long and important association with the Pilbara and the iron ore sector. Mineralogy has significant plans for further development in both the Pilbara region of Western Australia and other areas in Australia.
In 1986 Mineralogy entered into an agreement and acquired from Hannah Mining the extensive Cape Preston Magnetite tenements.
In April 2006, Mineralogy announced it had signed a deal with Chinese trading house CITIC worth at least $415 million to develop a small portion of the 160 billion tonnes of magnetite iron ore that Mineralogy owns. The first ship load of ore is due for China in 2009.
The agreement with CITIC represented an important milestone for the company. With a follow-up agreement with Australasian Resources for Balmoral South, Mineralogy will retain a significant equity stake in a developed world class project. This a long term vision of founder Professor Palmer, shared by his many supporters, and is being realised.