think big

Clive Palmer has a resourceful new $2b plan
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The iron ore entrepreneur has confirmed a mid-tier resources company is in the works.

IT APPEARS Zinifex and Oxiana aren't the only ones planning to form a global mid-tier miner based in Australia.

Amid whispers in Perth that iron ore entrepreneur Clive Palmer is planning to float a $2billion-plus company, he has confirmed he is working to form a new mid-tier resources play, which could be listed.

"We're setting up another major international business at the moment," he told Xchange. "We're looking at iron ore, steel, oil and gas and base metals such as nickel and other things."

Palmer added that he had recently visited the US and Papua New Guinea and was looking at major oil and gas projects throughout Asia.

He said he aimed for the new company to own between 10 and 12 projects to fill the void in the mid-tier mining sector brought on by the takeovers of WMC Resources and MIM. Each project could be as big as the 1 billion tonne magnetite parcels he has sold to the Chinese and Australasian Resources in the Pilbara