Resourcehouse scraps IPO

Fourth time unlucky for Resourcehouse

Australian entrepreneur Clive Palmer once again fails to list Resourcehouse, forcing him to seek debt funding from Chinese banks for the company's huge coal project.
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We need this much money, Clive Palmer tells the media (AFP)
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<div style="text-align: left;"> We need this much money, Clive Palmer tells the media (AFP) </div>

Australia-based greenfield mining company Resourcehouse scrapped its IPO during the weekend after failing to attract enough interest from investors and is now planning to use Chinese debt to fund its coal project.

The company was seeking to raise between $3.3 billion and $3.6 billion in what would have been Hong Kong's biggest listing so far this year and had strong backing from a number of Chinese state-owned companies, but the deal faced an uphill battle from the start with institutional investors who had a host of concerns about both the company and the offering.

The biggest worries included the execution risks related to the company’s two main...

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