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Metallurgical Corp Of China approves stake in Resourcehouse
(Dow Jones)
Updated: 2010-01-12 10:53
Counter:182


METALLURGICAL Corp of China has approved the purchase of a $US200 million stake in privately held Resourcehouse, controlled by Clive Palmer.


Metallurgical also said it gained approval to undertake engineering, procurement and construction work on a Resourcehouse coal project in Queensland known as China First.


Metallurgical will receive a 4 per cent commission from the sale of 30 million tonnes of coal from the project, it said in a statement.


In November, Mr Palmer said he hoped construction on the coal project would start 2010, and mining would begin in 2013.





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