【澳大利亚人报】Chinese firms not a threat, says Rio Tinto

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Chinese firms not a threat, says Rio Tinto  
http://www.theaustralian.news.com.au/business/story/0,28124,25719811-5018066,00.html

Paul Donoughue July 02, 2009               

RIO Tinto has defended the integrity and commercial nous of China'sstate-owned firms, saying the government should view them as anopportunity rather than a threat.

Last month,Rio abandoned a $US19.5 billion ($24.2bn) alliance with the Chinesestate-owned minerals giant Chinalco, opting instead to forge a dealwith rival BHP Billiton.

But Rio head of strategy Doug Ritchie told a Senate inquiry inBrisbane yesterday that state-owned enterprises were "commercial intheir approach", with working standards "every bit as good asequivalent corporations elsewhere".

Nationals Senate leader Barnaby Joyce, one of the instigators of theInquiry into Foreign Investment by State-Owned Entities which was setup during the political controversy stirred by Chinalco's Rio bid,raised concerns about the integrity of SOEs -- particularly those fromChina that had invested in regimes such as Sudan and North Korea.

Rio's Australian managing director Steven Creese told the inquirythat SOEs had become increasingly important and the government shouldview them "as an opportunity rather than a threat". The Chinalco bidfor a bigger shareholding in Rio and stakes in its key mining projects,including the Pilbara iron ore business, triggered widespread debate onthe role of foreign state-owned firms in Australia.

Chinalco's interest coincided with other bids from companies whollyowned by the Chinese government, including Minmetals' pitch for OZMinerals. Although the Chinese bidders and the government insisted theSOEs were run as commercial enterprises at arm's-length from thegovernment, critics said they were nothing more than extensions ofBeijing's policy-setting machine.

Wayne Swan promised that the government would review each foreigninvestment proposal on a case-by-case basis to determine whether it wasin the national interest. Minmetals' bid for OZ Minerals was originallyrejected on national security grounds because one of the company'sAustralian mines was close to the Woomera Defence area in SouthAustralia.

The Chinalco deal broke down before the Foreign Investment ReviewBoard, which asked for an extra 90 days to study the bid, and theTreasurer had to make a ruling on it. Mr Creese said yesterday thatgovernment should respon quickly to proposals for foreign investment."Clear and prompt decision making is critical," he said. "Time is ofthe essence."

Mr Creece agreed that foreign investment proposals should be lookedat on a case-by-case basis, saying it was "very difficult to come upwith a regime of one size fits all".

The inquiry also heard the concerns of farmers from the LiverpoolPlains in NSW over BHP Billiton and Chinese company Shinwa's miningexploration projects in the area.

Farmer Andrew Higgins told The Australian that mining in that areawould destroy the productive value of the land. He said that thepurchase of the land was not subject to FIRB review because theexploration licence had been granted by the state government.

Rio's original submission to the inquiry in April outlined itsbelief that foreign capital investment formed an important part ofAustralia's economic growth. It also said the Chinalco deal, were it tobe approved, would not grant the state-owned company power tomanipulate commodity prices -- one of the main criticisms of the deal.

The inquiry continues in Perth and Canberra, with a report due in September.

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