Sinosteel has shown interest in buying into Australian miners of manganese and nickel. "We are talking about many projects in Australia, mostly with our partners, to invest in mines including manganese and nickel," President Huang Tianwen told the media at the World Economic Forum's 'Summer Davos' gathering in Tianjin.

This statement comes just a week after Australia's Treasurer Wayne Swan approved a bid by the Chinese firm to acquire up to 49.9% of Murchison Metals. In July, Sinosteel gained control of Australian iron ore prospector Midwest Corp. and has since acquired close to 100 per cent of the company.

In June, Swan said that foreign investment must be consistent with Australia's national interest. Foreign investments in Australia's key industries, including the ones from China, will be "tested to ensure the correct market forces were maintained."

Related stories:

Sinosteel Gets Go-ahead for Murchison Stake
http://www.bizchina-update.com/content/view/1369/2/

Harbinger Accepts Sinosteel's Midwest Deal
http://www.bizchina-update.com/content/view/1341/2/

Sinosteel Gains Control of Australian Iron Ore Group
http://www.bizchina-update.com/content/view/1083/2/

Australia Careful With Chinese Investments
http://www.bizchina-update.com/content/view/947/2/

Last update : 29-09-2008

Keywords : Sinosteel, Mining, Takeover, Manganese, Nickel, Murchison, Midwest

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