30 May '11, 12pm

Australian Miner Joins Billionaire Ranks

Australian Miner Joins Billionaire Ranks

Australian mining tycoon Clive Palmer formally launched the share sale for Resourcehouse's public listing on the Hong Kong Stock Exchange on Monday. The coal and iron ore miner is seeking to raise $3.6 billion by selling at least 5.7 billion shares at between 4.48 ($0.57) and 4.93 Hong Kong dollars ($0.63) each. The initial public offering ahead of the listing scheduled on June 10 is said to be the second largest this year. This is the company's fourth attempt since 2009 for listing in Hong Kong, the world's most active IPO market in 2009. The Brisbane-based company, which has no commercial operations currently, intends to use more than 75% of the funds raised to finance its China First Coal Project, a thermal coal deposit in Central Queensland, and 22% for China First Iron Ore Project in Western Australia. The two projects are expected to start operation in 2014 and gener...

Full article: http://www.justluxe.com/wealth/money/article-1590247.php

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