Privately-owned Australian company Resourcehouse Ltd. said on Saturday that it has struck a $60 billion, 20-year agreement to supply coal to China Power International Development Ltd.
Resourcehouse says it will supply 30 million metric tons of coal a year at a price of about $3 billion a year, for 20 years starting from 2014.
"This is Australia's largest single, non-syndicated, finance deal, and the interest from China highlights the strength of the project and the benefits for Queensland and Australia in developing a new world class coal region such as the Galilee Basin," said Australian businessman Clive Palmer, who controls Resourcehouse.
Hong Kong-listed China Power is the flagship company of China Power Investment Corp., one of China's top five power companies.
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