 |
 |
Australia's Richest Man Gambles on China
February 9, 2010
Australia's wealthiest man last weekend took a big step toward creating the biggest coal mine this resource-rich nation has ever seen.
The question is whether global investors will go along for the ride.Clive Palmer, a 55-year-old businessman, harness-racing enthusiast and published poet, on Saturday announced a deal in which the Export-Import Bank of China will arrange US$5.6 billion of the US$8 billion in financing he needs to build his planned megamine, dubbed "China First" in Australia's Queensland state and aimed at satisfying China's growing demand for coal.
China Power Investment Corp. agreed to buy 30 million metric tons of coal annually from the project for 20 years, further increasing the odds the mine will be developed.
Original Posting At: WSJ
The question is whether global investors will go along for the ride.Clive Palmer, a 55-year-old businessman, harness-racing enthusiast and published poet, on Saturday announced a deal in which the Export-Import Bank of China will arrange US$5.6 billion of the US$8 billion in financing he needs to build his planned megamine, dubbed "China First" in Australia's Queensland state and aimed at satisfying China's growing demand for coal.
China Power Investment Corp. agreed to buy 30 million metric tons of coal annually from the project for 20 years, further increasing the odds the mine will be developed.
Original Posting At: WSJ
|
