Queensland’s big man of mining has cleared up his $90 million tax dispute and is ready for the possibility of taking up a role in federal government.

Mining magnate Clive Palmer has settled the dispute with the Australian Taxation Office, where his company Mineralogy was fighting to have a capital gain dating back to 2006 reduced from almost $300 million to $12 million. Palmer has now withdrawn from the dispute, clearing his path to parliament if the count for the seat of Fairfax continues in his favour.

There have been almost no details of the end of the dispute, with court documents saying only that it was “finalised-discontinued / withdrawn” after the official receipt of a notice of discontinuance on Monday.

The case stems from the sale of rights near Cape Preston in north Western Australia for around $400 million to the Citic company. Since the sale, Palmer and Citic have been involved in several legal battles related in part to the market value of magnetite iron ore rights sold in 2006 the Chinese-controlled firm.