【The Age】Premier urges China to invest more in WA

nbnbren

Premier urges China to invest more in WA
http://news.theage.com.au/breaking-news-business/premier-urges-china-to-invest-more-in-wa-20090722-dti1.html
                                    

Rebecca Le May        
July 22, 2009 - 7:59PM

            Chinesesteel-making giant Sinosteel Corporation has been encouraged by WesternAustralian Premier Colin Barnett to investment more in the state'smining companies.

            Mr Barnett is in China to spur onthe Asian superpower to invest in a new iron ore export port at Oakajeein the state's midwest region, and met Sinosteel president HuangTianwen on Wednesday.

            Sinosteel flagged inSeptember last year that it was in talks to invest in Australian firmsincluding nickel and manganese miners.

            At the time this development was hot on the heels of its $1.36 billion acquisition of Midwest Corporation Ltd.

            Thatdeal, a hostile takeover, was the first time a Chinese state-backedgroup gained control of an Australian resources company.

            "Imade it known that the WA state government would be supportive ofSinosteel increasing its share in other WA mining companies," MrBarnett said in a statement on Wednesday.

            Sinosteelcould increase its 5.86 per cent stake in iron ore miner MurchisonMetals Ltd, which is developing the Oakajee port and associated railthrough its joint venture company with Japan's Mitsubishi Corporation,Oakajee Port and Rail (OPR).

            Sinosteel hadpreviously sought to take over Murchison but was restricted by FederalTreasurer Wayne Swan in September to acquiring 49.9 per cent of thetarget, which has projects adjoining Midwest's.

            Mr Barnett on Wednesday said he encouraged Sinosteel to become a partner in the Oakajee project.

            He said it provided "an unprecedented opportunity for a truly Western Australian-Chinese-Japanese investment collaboration".

            "Iam keen for Chinese companies to be involved in the construction anddevelopment of both the port and railway infrastructure," he said.

            "The message was well received."

            Thefederal and state governments each have pledged $339 million to the $3billion development, and OPR says it has substantial internal funds.

            AnOPR spokesman told AAP on Wednesday the company "remains committed toChinese participation in the project ... including in the provision ofmaterials, equipment and financing".

            "We also continue to work closely with the Western Australian Government in this process."

            MrBarnett said China was closely monitoring the proposed merger of BHPBilliton Ltd and Rio Tinto Ltd iron ore operations in WA.

            He said the collapse of the proposed investment by Aluminum Corporation of China (Chinalco) in Rio had "caused angst in China".

            MrBarnett on Tuesday asked Shanghai Mayor Han Zheng for better consularaccess for detained Australian Rio Tinto executive Stern Hu and calledfor a speedy resolution of the matter.


    © 2009    AA

mlisten

认领了。