here comes the cavalry!!!

If this float gets away no doubt Big Clive will try to back door BSIOP into Resource House or at least have some side funding deal in play for this project. Dominic Martino would be the chairman of Resourcehouse. Go Big Clive!.

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Clive Palmer to try again on Hong Kong listing
Matt Chambers From: The Australian February 02, 2011 12:00AM

QUEENSLAND billionaire Clive Palmer is having another crack at a $3 billion initial public offering on the Hong Kong stock exchange, this time targeting a listing as early as this month.

Mr Palmer's company, Resourcehouse, shelved plans for a listing early last year amid speculation that a large amount of pre-IPO press coverage had breached Hong Kong's sensitive no-spruiking rules for floats.

It is understood the company has been working on a listing, and if all goes well it will hit the boards this month, after the Chinese new year holidays.

But the company has had a few false starts and there are no guarantees.

Of the $3bn-$3.5bn expected to be raised, between $US500 million ($498m) and $US1bn will come from cornerstone investors involved in the projects.

Resourcehouse has opened a Hong Kong office, and has released a report on its 2010 activities.

The report reaffirms the company's ambitious plans to produce thermal coal from Queensland's Bowen Basin and magnetite iron ore from Western Australia's Pilbara region by 2014.

Mr Palmer has kept his advisory team of JPMorgan, Credit Suisse and Bank of China -- selected last year after he parted ways with UBS, Macquarie and Citi -- and has added Royal Bank of Scotland to the mix.

The annual report also reveals that an original 30 million-tonne-a-year coal sale to China Power International Holding that Mr Palmer valued at $60bn over 20 years has been reduced to 20 million tonnes a year.

In place of the missing 10 million tonnes a year is a deal with Swiss trader Vitol to purchase 20 million tonnes a year.

The stated value of the coal, questioned by China at the time of the original deal, has remained, with the two deals worth a combined $US82bn, according to the report.

Resourcehouse plans to produce 40 million tonnes of coal annually in Queensland's Galilee Basin from the $US8bn China First project, which is planning two open pits and four underground mines. To get the coal to market, the company plans to build a 471km railway to the Abbot Point terminal near Bowen, where two extra shipping berths will be constructed.

Mr Palmer also plans to produce 12 million tonnes a year of magnetite ore from what he is calling the China First iron ore project, which will mine the Balmoral deposit.

The $2.7bn project is about 5km from Citic Pacific's $US5.2bn Sino Iron project, which has purchased the right to mine other ore owned by Mr Palmer.

Of the $US10.7bn of capital expenditure, Resourcehouse plans to fund about 30 per cent, or $US3.2bn, itself and the rest with debt.

Mr Palmer will be chief executive of Resourcehouse and Domenic Martino, who heads the board at Mr Palmer's Australian-listed company, will be chairman.

Also on the board are former foreign affairs minister Alexander Downer, Suntech Power chief executive Zhengrong Shi and Metallurgical Corp of China president Heting Shen.