Clive Palmer, ResourcehouseMining magnate Clive Palmer is...

Clive Palmer, Resourcehouse

Mining magnate Clive Palmer is reportedly looking past China in his quest to resurrect an iron ore project in Western Australia. The Balmoral South project in the Pilbara is being developed by Palmer’s Australasian Resources and was a key aspect of Palmer’s failed $US3.6 billion float of Resourcehouse in Hong Kong. While Palmer has so far focused his funding pitches on China, the Australian Financial Review reports that the mining billionaire has approached a Russian trading house for a $650 million investment to get the project going again. Evraz and Magnitogorsk Iron & Steel are thought to be the most likely parties.

http://www.businessspectator.com.au/bs.nsf/Article/deals-New-Hope-Washington-Soul-H-Pattinson-Perpetu-pd20111102-N7R52?opendocument&src=rss