Resourcehouse Ltd, controlled by Australia’s fifth-richest man Clive Palmer, will delay a Hong Kong initial share offering (IPO) that’s seeking as much as US$3 billion until early next year, two people familiar with the plan said.
Resourcehouse was postponing the sale to complete an accord to sell a 10 percent stake in its China First coal project to Metallurgical Corp of China Ltd (中國冶金科工) and to meet a number of preconditions linked to the agreement, said the sources, who declined to be identified because the information is private.
The Australian firm wants to build coal and iron ore mines for A$10.2 billion (US$9 billion) to tap China’s energy and steel demand.
Hong Kong ranked as No. 2 globally for funds raised through IPOs in the first half of this year.
Resourcehouse will need approval from the Hong Kong stock exchange for its updated listing document for the share sale, the people said.
Palmer, 55, last week said Metallurgical Corp, a state-owned construction company, had agreed to buy the stake in its coal project for between A$700 million and A$800 million.
The Chinese company agreed in May to organize funding for 70 percent of the construction costs of the mine and buy 75 percent of the annual output.
Resourcehouse is in talks with Export-Import Bank of China for A$5.5 billion in funding and has signed sales accords with unidentified Chinese state-owned power companies, Palmer said last week.
China’s demand for coal, used to generate about 80 percent of the nation’s power, has gained as the government’s 4 trillion yuan (US$586 billion) stimulus spending drove third-quarter GPD growth to its fastest pace in a year.
The Hong Kong Stock Exchange on Thursday postponed by at least a week a decision on whether to approve Rusal’s application to list its shares as part of an IPO, two people familiar with the situation said.
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