“After closing off the IPO as a result of volatile market conditions, we are still in a position of strength to advance this project,” said Palmer, CEO. “Within 24 hours we have secured an extra $1.2 billion in funding coupled with the ability to access a further $600 million for equity. As a result of the Global Offering, we also have a number of international companies who wish to make direct investment into Resourcehouse for equity in the company.”

The China First Project includes a large scale thermal coal mine in the undeveloped Galilee Basin coal region near Alpha, west of Emerald. The complex will include four underground mines, two surface mines and associated coal handling and processing facilities. The mine will be linked to a new coal terminal at Abbot Point near Bowen by a new 471-km standard gauge, heavy haul railway line.