Resourcehouse Limited (“Resourcehouse” or the “Company”), an international diversified resources company, announced that China First Pty Ltd, the wholly-owned subsidiary of the Company, entered into the Sino-Australian Coal Purchase and Supply Agreement with China Power International Holding Limited (“China Power International Holding”) in relation to the sale of thermal coal produced from the Galilee Coal Project, Northern Export Facility today.
Galilee Coal Project has agreed to sell to China Power International Holding and China Power International Holding has agreed to purchase from Galilee Coal, in each contract year for a supply period of 21 years from the date of first shipment (i) 50% of the thermal coal produced from the date of first shipment to the earlier of the commencement of full production of 40 Mtpa or 30 months from the first shipment, and (ii) 20Mtpa thereafter.
Professor Clive Palmer, Chief Executive Officer and Executive Director of Resourcehouse, said, “China Power International Holding is a leading power generation company in the PRC ultimately owned by CPI Group, which is one of the five state-owned power-generating groups in the PRC. We are pleased to have them involved in the Project.”
“The project is opening up a massive new coal resource and the CPI Group of companies are pleased to be involved in the project,” said Ms Li Xiaolin, Chairwoman of China Power International Holding.