Posts Tagged ‘chinese australian mining’

Clive Palmer s massive Resourcehouse IPO

Thursday, February 4th, 2010

Clive Palmer s Resourcehouse Ltd is inching towards its Hong Kong IPO, in what is being described as the biggest initial share sale of a mining company since 2007.

After a false start late last year, Palmer is seeking new investors, and plans to raise at least US$3 billion, mainly from China. The Metallurgical Corporation of China (MCC) agreed to buy a 5% stake yesterday, at US$200 million.

According to Bloomberg, Resourcehouse could spend A$10.2 billion on developing iron ore and coal mines in Australia to supply the Chinese market.

It s thought billionaire Clive Palmer (Australia s fifth-richest man) wants to keep a 50% stake.

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Light at the end of the Fortescue tunnel

Tuesday, March 31st, 2009

The West Australian has it on good authority that Treasure Wayne Swan will approve Andrew Forrest s bid to sell a significant portion of his Fortescue Metals Group to Chinese Government-controlled Hunan Valin Iron and Steel.

Although the Foreign Investment Review Board (FIRB) is yet to announce its decision, the West Australian believes it will not object to the deal in its current form, but that if Valin were to seek to increase its stake from 17.4% the government would be provoked into considerable concern .

Presumably this deal does not trigger any national security warning signals, which blocked the Oz Minerals / Minmetals takeover bid last week.

Click here to read the full article.

Stocks for your watchlist:
OZ Minerals: OZL.AX (ASX)
Fortescue Metals Group: FMG.AX (ASX)
BHP Billiton: BHP.AX (ASX); BLT.L (London Stock Exchange); BHP.N (New York Stock Exchange)
Rio Tinto: RIO (ASX and LSE)

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