In the latest example of its global hunt for natural resources, China recently signed a $60 billion, 20-year coal supply contract with Australian mining company Resourcehouse.   Under the terms of the deal, which Clive Palmer, Chairman of Resourcehouse says is “Australia’s biggest ever export contract,” Resourcehouse will supply 30 million tons of coal each year for the next two decades to a unit of China Power Investement Corp., one of China’s major power producers.

Although China is rich in domestic coal resources, the energy-hungry nation has been reaching beyond its borders to secure future supplies for its rapidly industrializing population.  In December 2009, total Chinese coal imports reached a record monthly high of 16.38 million tons, jumping up 29.5% from November 2009.  Analysts say these high import levels were the result of insufficient supply in the domestic market, and are likely to remain high until March of 2010.

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