$60bn Aussie coal deal inked

Australian coal and iron ore company Resourcehouse said over the weekend it had signed a record $60 billion coal supply deal with Chinese power stations, a move analysts said underscored Chinese companies' growing demand for energy to fuel the country's economic development.

Resourcehouse will supply 30 million tons of coal annually over 20 years to China Power International Development Ltd, a unit of major power producer China Power Investment Corp (CPI), Clive Palmer, chairman of the Australian company, said on Saturday.

The deal with CPI is Australia's biggest export contract, Palmer was quoted by Reuters as saying, adding that coal will be developed from a major new project in Australia's Queensland state.