Aussie Mining Co. Inks $60B Chinese Coal Supply Deal

Law360, New York (February 8, 2010, 2:13 PM EST) -- Australia-based mining giant Resourcehouse Ltd. has reportedly reached a $60 billion deal to export coal to China Power International Development for 20 years.

The Australian reported Monday that Resourcehouse, helmed by mining billionaire Clive Palmer, had come to an agreement to provide 30 million metric tons of coal a year for about $3 billion annually to China Power International, one of China's largest power companies. Palmer told the Australian media that the deal was the country's largest export contract in history.

The deal, the newspaper reported,...
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