china visit to secure future

May 13th, 2009


BUILDING BRIDGES: The NT Government is trying to forge business links with Chinese companies in Nanjing


A CITY infamous as the scene of one of the 20th century's worst atrocities is likely to play a key role in the Territory's economic future.

Nanjing, where more than 300,000 people were massacred by Japanese soldiers in 1937, is home to many of China's biggest privately-owned minerals companies.

And a string of them are literally queuing up to investigate the chances of doing business in the NT.

Mines Minister Kon Vatskalis yesterday met executives from the East China Non-Ferrous Mineral Resources Company.

The corporation has invested $32 million in Arafura Resources, which operates the rare earths project at Nolans Bore near Alice Springs.

NT Mines Department officials talked to three other minerals companies.

They were:

NANKING Steel, which is interested in mining and importing three million tonnes of iron ore from the NT.

LIYANG, which is interested in sulphide ore.

YESHAN, which is interested in base metals and polymetallic projects.

The interest in the NT by giant Chinese resources companies could translate into hundreds of millions of dollars of investment.

Two NT mine management firms accompanying the ministerial delegation to Nanjing picked up work from Chinese companies on their first day in town.

Mr Vatskalis said he wasn't surprised by the growing interest in the Territory's resources industry in China. He said China's economy was still growing at 6 per cent per year.

"China has a population of 1.3 billion people," he said. "Many of those people don't have the basic things that we take for granted, such as fridges and cars.

"The Chinese government wants to provide those things and develop the country. For that to happen it needs the minerals to manufacture the goods."

Mr Vatskalis also paid a ritual visit to the Rape of Nanjing memorial.