What's in a name?

BILLIONAIRE Clive Palmer held a press conference in Perth yesterday to reconfirm a $US60 billion export coal deal to China after the original announcement mistakenly named the wrong Chinese company involved with the agreement.

Blair Price

On Saturday, Palmer’s private company Resourcehouse announced the deal with China Power International Development to supply 30 million tonnes of coal per annum from its upcoming China First project in Queensland’s Galilee Basin for $3 billion a year over 20 years.

However, this Hong Kong Stock Exchange-listed company promptly announced it had no agreement with Resourcehouse as its shares took a dive in trading.

Just back from Beijing, Palmer clarified the deal was with parent and state-owned China Power International Holdings.

“Basically Clive has reconfirmed what he said on Saturday,” the spokesperson said about the press conference held at Mineralogy’s Perth office yesterday.

To further address the mix-up and alleviate concerns, Resourcehouse released two videos of Chinese officials confirming the commitments during a lunch in Beijing.

Speakers in the videos include China Power International Holdings vice president Zhao Yazhou, Metallurgical Corporation of China president Shen Heting, Export-Import Bank of China corporate business development general manager Li Jichen, along with Palmer and senior officials of Chinese engineering and construction companies.

The China First project will include a large-scale thermal coal mine in the undeveloped Galilee Basin region near Alpha, west of Emerald.

The complex will have four underground mines, two surface mines and associated coal handling and processing facilities.

The mine will be linked to a new coal terminal at Abbot Point near Bowen by a new 490-kilometre standard-gauge, heavy-haul railway line.

The mine and associated infrastructure will create 6000 jobs during construction and 1500 during operation.

The China First development has been granted major project facilitation status by federal Infrastructure Minister Anthony Albanese and declared a significant project by the Queensland government.

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