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Chinese Bank to Fund Palmer's Galilee Basin Coal Project

By Joel ScanlonJun 7 2011

Mining magnate Clive Palmer has managed to get China to finance his latest project. The Chinese Exim bank will help develop the mine by financing the China First project in the Galilee Basin in central Queensland.

The news came just a day after his company Resourcehouse withdrew its Hong Kong stock market initial public offering this weekend.

The Gold Coast based tycoon would have been disappointed with the company listing on the Hong Kong Exchange being postponed, but the intervention of the China Exim Bank providing a $1.2 billion credit facility will allow the $8 billion coal project in the state to proceed without any delays due to funding issues.

The loan of $6.8 billion will be used to see that the project called China First gets off the ground as soon as possible. Mr Palmer even mentioned that he would like to see the project start as early as next year if the Queensland state government and the federal government approvals could be obtained in time.

Mr Palmer said that it was a very good vote of support by the Exim bank of China and also by the Chinese Government to support the project with such a large amount of money. He added that it was very exciting and it just showed the strong need for resources in China.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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Scanlon, Joel. (2019, March 19). Chinese Bank to Fund Palmer's Galilee Basin Coal Project. AZoMining. Retrieved on April 29, 2024 from https://www.azomining.com/News.aspx?newsID=4211.
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Scanlon, Joel. "Chinese Bank to Fund Palmer's Galilee Basin Coal Project". AZoMining. 29 April 2024. <https://www.azomining.com/News.aspx?newsID=4211>.
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Scanlon, Joel. 2019. Chinese Bank to Fund Palmer's Galilee Basin Coal Project. AZoMining, viewed 29 April 2024, https://www.azomining.com/News.aspx?newsID=4211.