Australian mining boss in billion dollar mix-up
Stephen McDonell, China Correspondent
Last Updated:
Confusion over a multi-billion dollar coal deal has led to a Chinese company issuing a denial to the Hong Kong Stock Exchange.
It comes after an Australian mining millionaire appeared to have announced a deal with the wrong Chinese company.
Millionaire mining company boss Clive Palmer announced on the weekend that his Queensland company Resourcehouse had signed Australia's biggest ever export contract with China Power International Development.
The company, China's largest electricity provider, on Tuesday issued a statement to the Hong Kong Stock Exchange denying the deal and warning shareholders about it.
Clive Palmer now says that $70 billion deal is with another Chinese company called China Power International Holding Limited.
He said the deal is to supply coal over 20 years.
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