Details are sketchy because Palmer has reportedly not yet made up his mind on what assets will be placed under the potential float.
He told Bloomberg Resourcehouse might have the Galilee coal assets held by the joint venture of China Metallurgical Group Corporation and Mineralogy’s Waratah Coal.
He also said the IPO was not likely to include his Western Australian iron assets or the Yabulu nickel refinery in Queensland.
Anonymous sources told South China Morning Post the float might raise $US2-3 billion in shares.
Mineralogy bought up Waratah Coal earlier this year before the launch of Waratah’s China First thermal coal project in Queensland’s undeveloped Galilee Basin.
The $A7.45 billion project to export 40 million tonnes per annum, with first output in 2013, got wheels after China Metallurgical Group jumped onboard and helped secure 70% of the project’s funding.
