The anticipated coal deal with China involving $60 billion was almost confirmed by the billionaire businessman Clive Palmer. Ruling out the confusion that entered with China's statement indicating just a reach up to frame work agreement, the businessman announced the deal at the weekend. Australian resources developer and billionaire Clive Palmer being adamant on Wednesday said that binding coal sales agreements with Chinese companies for output have been signed.

At a press conference in Perth, Mr. Palmer said, "Some details of a coal sales agreement unveiled last weekend are yet to be finalized, such as shipping terms and costs related to shipping and port delays in Queensland State. Price isn't specified in the contract, only a mechanism that will see Resourcehouse and China Power review prices annually with reference to international benchmarks".

Until now there was a cloud of doubt blanketing the status of a coal sales deal between Mr. Palmer's closely held Resourcehouse and state-owned China Power International Holding Ltd. regarding purchase of 30 million metric tons of coal annually from the China's First project in Queensland State, initially stated to be a deal for 20years by Resoursehouse.

Mr. Palmer also added, "I have not announced any IPO and that there was no current proposal before the stock exchange in Hong Kong. We've never made an announcement, we've never said that we intend to list this year, next year or whatever as far as Resourcehouse goes. A decision to proceed with an IPO would be up to the company's board, and we haven't discussed that yet".