Bloomberg cited Mr Clive Palmer chairman of Resourcehouse Ltd as saying that Chinese banks have shown interest in backing the company’s proposed AUD 7.5 billion coal project in Australia.

Mr Palmer said the company had received a letter of support for the project from a major Chinese bank. Metallurgical Corp of China Ltd a state owned Construction Company also intends to take a 10% stake in the coal mine.

He said that Metallurgical Corp has also agreed to buy a minimum of 30 million metric tons of the 40 million tonnes of coal a year that the project is expected to produce. He added that he couldn’t comment on the planned IPO.

Resourcehouse is gauging demand for a USD 2 billion to USD 3 billion initial public sale in Hong Kong including the coal project and an iron ore mine. It’s one of the international resources companies seeking a listing on Hong Kong’s stock market, tapping China’s demand for energy and metals.

(Sourced from Bloomberg)