HONG KONG, Nov. 20 /PRNewswire-Asia/ -- Senior management from Metallurgical Corporation of China Limited and China Power International Development Limited will visit resource development company, Resourcehouse Limited's thermal coal project, the China First Coal Project, in the Galilee Basin in Central Queensland tomorrow. Delegates from MCC include President and Executive Director Mr. Shen Heting, Chairman of MCC Metallurgical Construction Company Mr. Li Peixun, Chairman of MCC Overseas Mr. Zou Weimin, and Vice Chief Engineer of MCC Overseas Mr. Yu Zhongliang, as well as other senior management.
(Photo: http://www.prnasia.com/sa/2009/11/20/20091120329930.html )
Resourcehouse is a resource development company which possesses interests in thermal coal deposits in Queensland, Australia, magnetite iron ore deposits in Western Australia and South Australia and oil and gas interest in Western Australia and Papua New Guinea.
Executive Chairman and Executive Director of Resourcehouse Prof. Clive Palmer said "We will further explore cooperation opportunities with MCC to feed the appetite of the growing China market's strong demand for resources."
In July 2009, Resourcehouse has entered into a framework agreement with MCC for the China First Coal Project under which MCC has agreed to be the engineering, procurement and construction contractor for the construction of this integrated mine, rail and port operation, as well as assist in facilitating debt financing for up to 70% of project cost. Under the framework agreement, MCC has also agreed to purchase at least 75% of all coal produced at the operation for the longer of 20 years or the production life of the project.
Earlier on 1 November, Queensland Premier, Ms. Anna Bligh and Treasurer Mr. Andrew Fraser visited the Company's thermal coal project site. Premier Bligh commented that the coal project is "one of the most significant projects in the history of the state" after the visit.
Chaired by Prof. Clive Palmer, founder and has been the Chairman of Mineralogy Pty Ltd, who has over 25 years of experience in the Australian resource industry, and track records in successfully executed agreements with Chinese Government owned companies, Resourcehouse will focus on developing resources that produce commodities imported by the PRC, in collaboration with China-based companies for supply to the China market.