resourcehouse news

Recent article from the Australian. Looks like the I-Bankers are out pressing the flesh with him..............so there is movement at the station....

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Clive Palmer keeps Resourcehouse float plan close to his chest

Nabila Ahmed From: The Australian March 02, 2011 12:00AM

CLIVE Palmer talks a big game but when it comes to his $3 billion Resourcehouse float, it seems less is more. That is the impression fund managers came away with after meeting the billionaire miner this week as he sought expressions of interest for potential cornerstone investors ahead of what is expected to be a partial initial public offering in Hong Kong later this year.

Palmer is looking to raise money to fund his China First Coal project, incorporating multiple coalmines in the Galilee Basin, a 490km rail link and port facilities at Queensland's Abbot Point. As he outlined his plans for the project, which is not expected to go into production until 2014, fund managers noted operational and capital expenditure costs had increased since he last spruiked the float back in 2009.

Palmer was reluctant to give away too many details to fund managers unwilling to sign confidentiality agreements: his presentation was described as "conceptual" by one investor. But it's believed operational expenditure is expected to be between $33 and $36 a tonne for the project, which is predicted to produce 40 million tonnes of thermal coal a year. Palmer, who is being advised by JPMorgan and BOC International, is believed to be targeting a Hong Kong listing towards the second half of this year.