Australian mining magnate Clive Palmer, who’s planning to build a modern replica of the Titanic, aims to start talks next year to sell stakes in a potential $8 billion natural gas project in Papua New Guinea.
The race to open a $40 billion coal region in Australia is being led by billionaires Gina Rinehart and Clive Palmer. Victory depends on who wins approval to build a 500-kilometer (310-mile) railroad to the coast.
ATEC Rail Group Ltd. said it’s in talks with India’s GVK Group and Adani Enterprises Ltd. to buy a stake in a proposed rail link in Australia’s Galilee Basin, where about $32 billion of coal projects are being developed.
Resourcehouse Ltd., the Australian coal and iron-ore company controlled by Clive Palmer , is seeking as much as HK$28.2 billion ($3.6 billion) in an initial public offering in Hong Kong, according to a term sheet for the sale obtained by Bloomberg News.
Resourcehouse Ltd. , the Australian coal and iron-ore company seeking to raise as much as $3.6 billion in a Hong Kong share sale, may cut the price of the offering, two people with knowledge of the matter said.
Resourcehouse Ltd., the Australian coal and iron ore company controlled by Clive Palmer , increased the stake being sold in a revived initial public offering, according to two people with knowledge of the sale.
Australian Treasurer Wayne Swan said resource tycoons including Gina Rinehart, Clive Palmer and Andrew Forrest are threatening the nation’s democratic process by using their wealth to shape policy to their interests.