CHINA IN THE HOUSE

Written on the 8 March 2010

CHINA IN THE HOUSE

MINING magnate Clive Palmer has assured all stakeholders and a nervous State Government that Australia’s biggest  export deal is still on.

Palmer says the deal is worth$US60 billion for its proposed China First coal mine and infrastructure project in Central Queensland.

Palmer has bulked up his cash reserves after Metallurgical Corp of China bought a $US200 million stake in his privately held Resourcehouse coal project.

Metallurgical has also gained approval to undertake engineering, procurement and construction work on China First, Resourcehouse coal project in Queensland. Metallurgical will receive a 4 per cent commission from the sale of 30 million tonnes of coal from the project.

MMC and Resourcehouse have reached an agreement under which the company will not only assist the Australian mining group develop the project, but also provide 70 per cent of the costs involved through debt financing, as has been confirmed by both parties involved.

MMC has also committed to buy a minimum of 30 million metric tonnes out of the target 40 million tonnes production of coal every year, for a minimum of 25 years.

The upcoming mine and power plant is expected to raise as many as 6000 jobs during construction. Palmer anticipates a construction start later this year with mining to begin in 2013.


Latest News

SUPER RETAIL GROUP SAYS GOODBYE TO AMART SPORTS BRAND

A BRAND synonymous with Australian sporting goods, Amart Sports, will be retired from 1 November 2017. Super R...

SUPREME COURT GRANTS LEAVE FOR CLASS ACTION AGAINST DICK SMITH

A CLASS action law suit against Dick Smith has been given the green light for shareholders impacted by the company...

NEXTDC SHARES SOLD OFF AS ONGOING SPAT WITH 360 CAPITAL CONTINUES

SHAREHOLDERS in data centre operator NextDC (ASX: NXT) have dumped their stock in the company as its ongoing war of w...

SURVEY SAYS COUNTEROFFERS MIGHT BE A WASTE OF MONEY

TO RETAIN the best and brightest employees it sometimes seems like a good idea to offer more money, but recent res...

Related News

SUPER RETAIL GROUP SAYS GOODBYE TO AMART SPORTS BRAND

A BRAND synonymous with Australian sporting goods, Amart Sports, will be retired from 1 November 2017. Super R...

SUPREME COURT GRANTS LEAVE FOR CLASS ACTION AGAINST DICK SMITH

A CLASS action law suit against Dick Smith has been given the green light for shareholders impacted by the company...

NEXTDC SHARES SOLD OFF AS ONGOING SPAT WITH 360 CAPITAL CONTINUES

SHAREHOLDERS in data centre operator NextDC (ASX: NXT) have dumped their stock in the company as its ongoing war of w...

SURVEY SAYS COUNTEROFFERS MIGHT BE A WASTE OF MONEY

TO RETAIN the best and brightest employees it sometimes seems like a good idea to offer more money, but recent res...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter