Australia 60 billion U.S. dollar coal to sell Chinese electricity

View the latest quotes China Metallurgical is expected to share a 2.4 billion-dollar commission by China Metallurgical (601618), China Import and Export Bank of Australia to provide loan support of the Australian Source Library resources (Resourcehouse) Co.　　Source Library February 6 signed a 60 billion-dollar coal trade agreement with China Power (2380.HK) to provide 30 million tonnes of coal for China's electricity in 20 years, the Chinese power coal project each year. According to China Metallurgical's previous announcement, the company received a 4% fixed commission interest in the EPC (design, procurement and construction) management of the Australian Chinese Power Coal Project and an annual output of 30 million tonnes of coal sales.　　　　In this calculation, China Metallurgical will be from China's electricity and source of resources in the 60 billion U.S. dollar contract to be divided into 2.4 billion U.S. dollars Commission.　　Sino-Australian largest cooperation project Source Library Resources Chairman Cleve Palmer said the trade contract with China's electricity was Australia's "biggest export contract ever", and that the contract required coal resources from China's first power coal project, which was built with a production of 40 million tonnes of coal. "China Metallurgical will organize a corporation composed of China Coal International Group, Chinese Transportation Construction Company Limited (1800.HK) and China Railway Company Limited (601390.SH,0390.HK) to build Australia's largest coal mine and the necessary export infrastructure." "said Palmer. China's export-Import Bank has provided 560 million of billions of dollars in loans for this project.　　Palmer said last November that he hoped the coal project would start construction in 2010 and launch in 2013.　　China Metallurgical has not disclosed the contract amount and subcontract details of the EPC General contract for the Chinese coal Mine project, and only the amount of the coal export part of the Sino-Australian cooperation has made the cooperation the largest cooperation project between the two countries. According to public information, the country's top power coal project is located in Queensland, Australia, with coal reserves exceeding 1 billion tonnes, with a total investment of more than 7 billion U.S. dollars. According to foreign media reports, the project's coal and infrastructure include open-pit mines, underground mines and 495 km of heavy rail, as well as at Abbot Point port of 40 million tons, two berths of the coal export terminals. The coal project also plans to increase the Galilee power plant project, 1.25 billion dollars to build a power plant using carbon capture and storage (CCS) technology.　　　　It is revealed that the formal preliminary feasibility study of the 450MW clean coal-fired power plant has been launched and may eventually expand to 900MW.　Source Repository resources will also be listed on the Hong Kong stock exchange next month, to finance 3 billion of dollars in Australia's coal, iron ore, oil and gas projects, as well as oil and gas exploration projects in Papua New Guinea.　According to the agreement between China Metallurgical and source-Library resources, China Metallurgical will subscribe its shares to 200 million U.S. dollars in cash according to the principle of initial price and market value of source-Library resources.　　The number of specific subscription shares will be determined by the final subscription price, and the proportion of the final source library resources is expected to be no more than 5%. In this respect, some insiders point out that China's electricity to spend 60 billion of billions of dollars of coal purchase plan does not seem to be cost-effective. In 20, the company will be supplied with 600 million tons of coal, an average price of 100 U.S. dollars per ton, higher than the current Australian Newcastle Power coal 91.83 U.S. dollars/ton of spot prices, and such long-term contracts should be more favorable prices.　　Moreover, if China's 200 million dollars can buy 2% of its source-sink resources, China's electricity will cost US $60 billion or even enough to buy several source-Library resource companies. Australia is now China's largest source of coal imports, and China imported 43.9 million tonnes of coal from Australia in 2009. China became Australia's third-largest investor in 2008, after the United States and the UK, mainly investing in the mining industry.