Ann: Shanshan Completes $22.4 Million Placement, page-73

There was another reminder Shanshan has a lot of financial clout behind it in AFR today .

The ‘clout’ is China Moly boss Li “Steele” Chaochun who was today interviewed by the AFR at the Melbourne Mining Club in regards the NSW Northparkes copper mine (which China Moly bought 80% of off Rio in 2013 for $820M,) .

Mr Chaochun also talked about the potential to buy more Australian projects and the political climate.

The potential to ‘buy more ‘ reminded me of the 2017 agreement between Shanshan and ChinaMoly where ....“Both parties will also consult to establish strategic partnership when purchasing, acquiring and investing in metal resource recovery projects such as cobalt and lithium in the future....” (that comment is here).


https://www.afr .com/companies/mining/chinese-miner-says-forget-politics-get-on-with-commerce-20190808-p52fau
.. “China Molybdenum Company (CMOC) chairman Li "Steele" Chaochun said China and Australia were "natural partners", and his company was open to growing its Australian presence beyond the Northparkes copper and gold mine in New South Wales.”.....

He added the political issues were not as relevant as commercial and local industry ones ;
...... “Forget about what is on the politics side, commercial wise it is very clear that Australia is the natural partner of China and I think a lot of Chinese companies continue to be interested to invest in Australia.

'Natural fit'
''Not only just because it is a resources abundant country, not only just because it is the similar timezone, but I think there is just a quite natural fit between the countries."

Asked whether Chinese entities were confused about Australia's attitude towards China after this week's political events, Mr Li said: "When you say confused, maybe at the political level. But we are a commercial entity."

CMOC paid $US820 million to Rio Tinto in July 2013 for an 80 per cent stake in Northparkes, which counts Sumitomo as a minority shareholder.

The acquisition was part of a push into precious metals for the company, which was traditionally focused on producing molybdenum and tungsten in China.

CMOC announced a $200 million investment in extending the life of Northparkes earlier this year, with the investment in further block caving hoped to extend the mine's life by a further 10 years.”