Australasian hosts Hunan delegationThe West Australian March 29,...

Australasian hosts Hunan delegationThe West Australian March 29, 2011, 1:42 pm Send

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Clive Palmer's Australasian Resources has indicated it may be closer to securing funding for its Balmoral South iron ore project with a delegation from China's Hunan group conducting due diligence.

Australasian said the visit, which included a trip to the Balmoral site, was hoped to result in a subsequent agreement between parties on project funding and development.

"Australasian looks forward to progressing discussions and advancing towards a potential commercial outcome with Hunan in the near future," the company said in a statement.

Australasian said it was updating a 2008 feasibility study to reflect prevailing market costs.

Mr Palmer holds a 66 per cent in the company