(Press TV website) - Australian mining company Resourcehouse says it has signed a 60-billion-dollar deal with China to supply to Chinese power stations.

The 20-year agreement will supply China Power International Development (CPI) with 30 million tons of coal per year.

Resourcehouse Chairman Clive Palmer, Australia's fifth-richest man, says the deal is the country's biggest-ever export contract.

"This is Australia's largest single, non-syndicated, finance deal and the interest from China highlights the strength of the project and the benefits for Queensland and Australia in developing a new world-class coal region," Palmer said in a statement.

CPI Chairwoman Li Xiaolin also welcomed the deal, saying: "The project is opening up a massive new coal resource and the CPI Group of companies are pleased to be involved in the project."

China is the world's largest consumer of coal and metals.