Australian billionaire Clive Palmer on Monday announced he had "secured" an extra $1.2 billion funding commitment from China's Eximbank, giving him the funds necessary for his $8 billion Galilee Basin China First coal project in Queensland.

China First is a wholly owned subsidiary of Resourcehouse Limited, which bombed its attempt at a float in Hong Kong on Friday, resulting to a media frenzy against Palmer, a popular figure in Australia and owner of the Gold Coast United football team.

Palmer's unprofitable iron ore and coal company Resourcehouse on Friday dropped its planned $3.6 billion public offering in Hong Kong, citing the negative "global market conditions." It was Resourcehouse's fourth failed attempt in two years. The Brisbane-Australia-based company said in its prospectus for the IPO that it won't turn a profit until output at its coal and iron ore projects begins in 2014 or 2015.

In a statement on the cancellation of the IPO on Friday, Palmer commented, "Emerging economies like China and India will continue to be the key engine of global growth, with positive implications for the demand of thermal coal, iron ore and other natural resources. The increase in relative scarcity is driving an upward long-term trend for various commodities". Mr. Palmer, who was panned in Australia for the again cancelled IPO, added that they have received multiple offers and indications of interest to work with the Company financially and/or strategically and is considering numerous options to optimize.

Yesterday, Mr. Palmer said that with the $1.2 billion credit facility for China First, funding for the project has now increased to $6.8 billion, equivalent to 85 percent of the total amount of the construction contract. Mr. Palmer previously obtained $5.6 billion for the project. The new $1.2 billion, he said, was not a direct project loan but "a buyers' credit facility".

"We have struck back quickly with a deal which ensures the project's viability and puts to rest the unfounded criticism of some media and analysts," Palmer said.