resourcehouse ipo june 9, page-22

Clive will be keeping his Beijing masters happy with this. Smart move - he knows where the money will come from. With his aptly named "China First project" and Chinese Citic just next door there is hope for ARH yet........lets hope China does indeed use Clive and Resourcehouse for a major expansion in the region.
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Palmer's Resourcehouse mining venture to foil 'racist FIRB'
Paul Garvey From: The Australian May 30, 2011 12:00AM

MINING entrepreneur Clive Palmer will use his soon to be listed Resourcehouse mining venture as a vehicle for future acquisitions around the world on behalf of the Chinese government, circumventing organisations such as Australia's "outstandingly racist" Foreign Investment Review Board.

Speaking in Hong Kong yesterday ahead of the formal launch of Resourcehouse's $HK24.5 billion ($2.9bn) initial public offering today, Mr Palmer said Resourcehouse would work to bring major development projects around the world into the company, augmenting its existing coal and iron ore interests in Australia.

He also expressed his confidence that the company would secure sufficient support for its proposed listing, despite the current choppy commodity market.

Swiss commodities trading giant Glencore recorded a weak debut in Hong Kong last week, with its shares failing to trade above their issue price to date. Sentiment towards Glencore has been hurt by concerns over the European and Chinese economies and falls in commodity prices.

Mr Palmer said the international roadshow of Resourcehouse had received "a very good response" in the US and Europe and the group was not considering scaling back its offer.

He said China's struggles to acquire resources assets overseas -- such as unsuccessful offers for US oil company Unocal and a failed plan to buy resources assets from Rio Tinto -- provided an opportunity for Resourcehouse to acquire and develop mines on China's behalf.

"The Australian government has racially discriminated against (China) and stopped them from investing in Australia," Mr Palmer said. "They've brought in things like the Foreign Investment Review Board in Australia, which is an outstandingly racist legislation designed to slow down Chinese growth, and it's a national disgrace. The difference with this company is that it doesn't have Chinese government ownership. It has a small amount of (government) ownership, less than the allowed 15 per cent through FIRB, so we can go across the world buying resources, securing them for China, and ensuring there are long-term off-takes to give them the security of resource.

"China has never, ever wanted to dominate other countries or take control of what they're doing. All they've wanted to do is secure a stable supply of resources for their people so they can continue to grow."

Resourcehouse's plans to expand will be secondary to its initial plans in Australia, where it hopes to develop an $8bn coalmine in Queensland's Galilee Basin and a $2.7bn magnetite iron ore project in Western Australia.