resourcehouse, page-6

From this morning's papers............Lets just hope CP has a master plan that includes some form of funding for ARH. This IPO and Royalties from Citic once flowing should provide the means..........

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Clive Palmer's Resourcehouse closer to HK float
Andrew Fraser From: The Australian May 17, 2011 12:00AM

THE Hong Kong float of Clive Palmer's Resourcehouse is set to start today, with hopes of listing early next month.

The mining company is expected to file a listing with the Hong Kong Stock Exchange today and start a roadshow for the next fortnight with the aim of listing on June 9.

Mr Palmer will retain control of about half of Resourcehouse, but hopes to raise about $3 billion to help fund his two China First projects in Queensland and Western Australia.

Mr Palmer will be on the board but the chairman will be former Deloitte boss Dominic Martino, who has had a colourful career since leaving the accounting firm, including being the highly paid chairman of Sydney Gas.

Other board members include former foreign minister Alexander Downer, Clive Mensink, the chief executive of Mr Palmer's soccer team Gold Coast United and Mr Palmer's nephew, , long-time Palmer employee Derek Payne and two Chinese representatives, solar billionaire Shi Zhengrong and 70-year-old Bai Baohua, a metallurgist who has been closely involved with several Chinese state-owned enterprises.

There is some doubt over whether Mr Palmer's Russian-born wife, Anna, will be involved formally in the board, but she has appeared in Hong Kong media promoting the company.

The listing will also give a clue to Mr Palmer's real wealth, with the company valued by brokers UBS at a little more than $12bn, with about $3bn to be floated in this venture.

Research sent to potential investors points to two projects -- the development of coal deposits in the Galilee Basin in Queensland with the aim of exporting 40 million tonnes a year, and the China First Iron Ore project in Western Australia, with planned capacity of 12.2 million tonnes a year of magnetite iron ore and reserves of 1.13 billion tonnes.