Australian mining company Resourcehouse has cancelled its fourth attempt at an initial public offering (IPO) on the Hong Kong stock exchange pointing to deteriorating market conditions.
Resourcehouse had planned to raise as much as $3.6 billion (£2.2 billion) in order to develop its Queensland coal mine. The company is controlled by Clive Palmer, the fifth richest man in Australia.
"The board of the company has decided not to proceed with the proposed global offering at this time given global market conditions,"Resourcehouse said in its statement.
Resourcehouse had set an indicative price range of HK$4.48 to HK$ 4.93 for its proposed share sale.