Palmer criticizes stimulus handouts

"One of my criticisms of the stimulus package...was I thought we needed to upgrade our coal infrastructure," said Palmer.

Palmer, who is also a conservative party donor, spoke to reporters along with Queensland Premier Anna Bligh at the weekend after announcing a 20-year-old thermal contract with China Power International Development, a deal that he described as Australia's biggest export deal.

The contract, estimated to be worth about $60 billion, will witness the construction of a new coal terminal in Queensland, which would start shipping coal to China from the year 2014 onwards.

Palmer previously had a proposal to build a terminal at Shoalwater Bay rejected by the Rudd government on environmental grounds.

He has since signed a $8 Billion deal with the Metallurgical Corporation of China and its allies in order to build the mine, a 490km railway to Australia's northerly coal terminal Abbot Point, and also the stand-alone coal terminal.

The project, now known as the China First project, has been a labeled a major project by both federal and state governments, with most government bodies sounding their approval to give it a go-ahead.

The project is also expected to help meet Queensland Premier Bligh's pledge of 100,000 new jobs to boost the Queensland economy; by providing 6000 jobs during construction and 1500 during operation.

Palmer is still suing Bligh and treasurer Andrew Fraser for claiming that Palmer's donations to the Liberal National Party have effectively bought him a political party.