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The Wall Street Journal said the 20-year deal signed by the privately traded company based in Brisbane, Queensland, should help in the proposed construction of a China First thermal coal mine in the Australian state.

The deal between Resourcehouse and China Power International Development Ltd. is also another step in the improved commercial relations between Australian and China.

Resourcehouse said lead debt financing for the proposed project would come from the Export-Import Bank of China, which will provide $5.6 billion.

The remainder of the project's estimated $8 total cost will likely be paid by Australian mining billionaire Clive Palmer, who controls Resourcehouse.

Palmer said in a statement the deal requires China Power to purchase 30 million tons of coal annually at a cost of nearly $3 billion a year during the next 20 years.

The proposed China First mine is expected to produce nearly 40 million tons of coal annually starting in 2014.

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