Resourcehouse, an Australian coal and iron-ore project developer, has signed a 20-year sales agreement worth US$60 billion with China Power International Development, the Financial Times reported. Under the agreement, Resourcehouse, which next month hopes to raise up to US$3 billion through a Hong Kong initial public offering, will ship 30 million tons of coal each year to the Chinese power producer for an annual fee of “approximately” US$3 billion. Clive Palmer, chairman of Resourcehouse, said the deal is the largest export contract in Australian history. Palmer also announced that he had awarded a US$8 billion engineering, procurement and construction management contract – the largest seen in Queensland state – to Metallurgical Corp of China (MCC). MCC has agreed to buy US$200 million in Resourcehouse shares ahead of the company’s listing as well as a 10% stake in China First, Resourcehouse’s US$8 billion coal development project. Export-Import Bank of China is contributing US$5.6 billion to the China First project.