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HONG KONG, Feb 11, 2010 - (ACN Newswire) - On 29 January 2010, Metallurgical Corporation of China Ltd. ("MCC") entered into a management contract of Project China First with China First Pty Ltd., Australia, in Beijing.
As stipulated under the contract, MCC, as the contractor of Project China First, will assist the owner(s) in setting up the project. The construction of the project will fully facilitate Chinese-made technology, equipment and materials, which aggregated a total construction amount of US$8.0 billion. Meanwhile, the project is expected to boost the export of Chinese-made electromechanical products by about US$4.0 billion.
According to the information provided, a consortium jointly formed by several banks in China will provide conditional export credit for the project. As one of the conditions to repayment guarantee, 30 million tons of 6370 Kcal high caloric value and high quality thermal coal shall be exported to China annually at a competitive price rate below the international market level upon commercial operation of the project to repay the bank loans. According to the announcement previously released, MCC will share a fixed commission interest of 4% from the coal sale.
The China First coal mine is located at Galilee Basin in Queensland, Australia where abundant coal resources can be found. The project involves the construction of a coal mining and processing field with an annual production capacity of 40 million tons, a 500 km railway, two wharfs with 200,000-DWT berths and other projects. The investor is Resourcehouse Ltd. controlled by Cliver Palmer, a famous businessman in Australia.
Contact:
Wonderful Sky Financial Group Limited
Ms. Cherry Qiu
Tel: +852 6906 0505
Email: cherryqiu@wsfg.hk
Ms. Daisy Sun
Tel: +852 9799 4507
Email: daisysun@wsfg.hk
Topic: Press release summary
Source: Metallurgical Corporation of China Ltd.
Sectors: Metals & Mining
http://www.acnnewswire.com
From the Asia Corporate News Network
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