Australian mining mogul Clive Palmer has announced the Metallurgical Corporation of China (MCC) intends to secure around 70 percent of the funds for the 7.5 billion dollars 'China First' coal mine and infrastructure project in Queensland. MCC has signed a memorandum of understanding with Palmer's company Resourcehouse to arrange for 70 percent of the project costs through debt financing. In the country last November as part of a delegation of Chinese business leaders, the company's president Shen Heting also delivered a letter of support from a major Chinese bank to Palmer. The 'China First' project includes a thermal coal mine near Alpha, central Queensland, as well as 490 kilometre heavy haul railway line and a two-berth export coal terminal at Abbot Point near Bowen.
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