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

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

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