Seems Clive has done it again... this time with coal.
I'm having a Deja-Vu moment reading this...anyone else???
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Waratah gets Chinese support for $6.5bn coal project
Alex Wilson | May 27, 2009 Article from: Dow Jones Newswires
WARATAH Coal has won the financial backing of China for its planned $US5.15 billion thermal coal project in Queensland. The miner , which is backed and chaired by billionaire Clive Palmer, said Metallurgical Corporation of China has agreed to arrange debt funding of up to 60 per cent of the cost of the project, estimated at $US3.1 billion ($3.9 billion), from Chinese banks.
Waratah said it has signed a memorandum of understanding on the $US5.15 billion ($6.55 billion) project with MCC.
In addition, MCC will provide, or arrange for Chinese sources to provide, 10 per cent of the cost of the project or about $US515 million ($655 million).
Waratah said MCC has also agreed to be the engineering, procurement and civil contractor and provide a fixed, lump sum construction price for the entire project, which will be called China First.
Mr Palmer said MCC has guaranteed it will purchase 30 million tonnes of coal a year from the project.
China’s total coal imports in 2008 were 40.4 million tonnes.
ARH Price at posting:
61.0¢ Sentiment: Hold Disclosure: Held
