Sector brief: Economics & Trade
Aussie miner in 'biggest' China deal
February 9, 2010: In what has been called Australia's largest ever export contract Resourcehouse has signed a deal worth $60 billion which is probably the largest of its kind, ever.
Australia' Resourcehouse has announced it has secured a deal worth $60 billion to supply coal to Chinese power stations over a 20-year period.
Company Chairman Clive Palmer said that coal mined in Queensland State from a major new project would be sold to China Power International Development , a unit of China Power Investment Corporation (CPI).
Clive Palmer said, "This deal with CPI is Australia's biggest ever export contract."
The contract with CPI is to supply 30 million tons annually over 20 years, with an approximate value of $3 billion a year.
Shanghai Daily reported that Export-Import Bank of China has agreed to finance the bulk of the project's costs, to the tune of $5.6 billion.
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