In a report in The Australian, the company is said to be working on a listing of similar size to the initial proposed IPO and is set to hit the board of the Hong Kong Stock Exchange after the Chinese New Year.

The newspaper said around $US500 million of the estimated $US3-3.5 billion to be raised will come from the company’s strategic partners, which may include Metallurgical Corporation of China and China Power International Holdings.

Resourcehouse already has an office in Hong Kong, in addition to its bases in Brisbane and Perth.

Palmer is chief executive with Domenic Martino as chairman.

Former foreign affairs minister Alexander Downer is a director, along with Suntech Power Holdings founder and CEO Dr Zhengrong Shi, China Nickel Resources Holdings Company director Baohua Bai, Jindal Steel and Power director John Elmore and Clive Mensink, who is also general manager, iron ore development.

MCC executive director Heting Shen was appointed to the board in December.

The company owns the massive $US5.2 billion China First coal development in Queensland and the China First iron ore project in the Pilbara, as well as oil and gas interests in Western Australia and Papua New Guinea.