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StumbleuponChina's news agency Xinhua had reported that the China Power International Development, the company that Australian billionaire Clive Palmer claimed at the weekend to have struck a $60 billion worth coal deal with, has denied that the deal has been finalized.
Xinhua reported that a CPI official, who had refused to be named, stated that the two companies had only signed an agreement of intent, and the price was not agreed upon.
The official has also stated that price negotiations between the two parties are yet to get underway.
Palmer at the weekend had announced that his company, Resourcehouse, had struck a $60 billion deal with CPI, which will witness them supply 30 million tonnes of coal annually over the next 20 years.
Palmer also announced the construction of a stand-alone coal terminal at Queensland which will be supporting the project, which was described as Australia's biggest export deal.
The revelations were made by Palmer along with Queensland Premier Anna Bligh while addressing reporters at the weekend.
The CPI official added that Palmer and Resourcehouse's decision to make announcements regarding the deal might have been done in Resourcehouse's own benefits and to boost the support for the project.
CPI is a major unit of China Power Investment Corp- a major power producer.
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