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BRISBANE, Nov 29 AAP

November 29 2012, 09:24AM

Mining magnate Clive Palmer reportedly plans to set up his own political party, with the aim of potentially forming a coalition with Federal MP Bob Katter's party.

The Courier-Mail newspaper reports Mr Palmer wants to set up the United Party and is in talks with Katter's Australian Party.

The move comes a week after the billionaire sensationally ended his membership of the Liberal National Party (LNP) after being re-instated following a suspension.

Mr Palmer continues to publicly criticise the LNP's parliamentary wing, accusing it of governing without regard to party policy.

Comment has been sought from Mr Palmer.