03 Jun '11, 5pm

DTN Singapore: Australia's Resourcehouse to shrink Hong Kong IPO: HONG KONG : Australian miner Resourcehouse may...

HONG KONG : Australian miner Resourcehouse may cut the size of a Hong Kong share sale originally slated to raise $3.6 billion, after the company postponed the deal several times in the past two years. The unprofitable Australian mining company, controlled by billionaire Clive Palmer, is considering shrinking the initial public offering to $2.54 billion, Dow Jones Newswires reported Friday, citing a company term sheet. Resourcehouse could not immediately be reached to comment on the report. The possible change to the IPO's size comes amid growing concern over the eurozone's debt woes and slower growth in China, which has been scouring the globe in search of commodities to power its economy. A listing in Hong Kong would allow Resourcehouse -- which is currently focused on thermal coal and iron ore mining projects -- to boost its profile in the key Chinese market. The miner s...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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