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Palmer’s China First Coal Project Ends Supply Pact With Vitol

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May 11 (Bloomberg) -- Australian mine developer Clive Palmer said his planned $8 billion China First coal project terminated a supply contract with energy trading company Vitol Group, denying a report by the Sydney Morning Herald.

The newspaper’s claim that Geneva-based Vitol had canceled the $40 billion supply contract was misleading and false, Palmer said today in an e-mailed statement. A separate $60 billion supply contract with China Power International Holding Ltd. remains in place, he said.

Palmer’s companies China First Pty and Waratah Coal Pty. are proposing to develop the project in Queensland state’s Galilee basin to export the fuel to Asia. Last month, he said he plans to build a 21st-century replica of the Titanic and sail it from England to New York accompanied by the Chinese navy by the end of 2016.

To contact the reporter on this story: Elisabeth Behrmann in Sydney at ebehrmann1@bloomberg.net

To contact the editor responsible for this story: Rebecca Keenan at rkeenan5@bloomberg.net