china steel to invest $2.4b over 4 years

http://www.thebull.com.au/articles/a/23634-china-steel-to-buy-stakes-in-aust-mines.html

lets hope that some of this 2.5B finds its way to CFE.

Article as follows:

China Steel to buy stakes in Aust mines Taiwan's largest steelmaker plans to spend $2.4 billion buying stakes in iron and coal mines in other countries, especially Australia, a report says.
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By AAP | 19.10.2011 03:52 PM

China Steel, Taiwan's largest steel producer, plans to spend about $US2.5 billion ($A2.4 billion) over the next four years on stakes in overseas coal and iron ore mines, a report said on Wednesday.

China Steel has been negotiating with five foreign companies for the investment project, which especially targets Australia, the Economic Daily News said, citing unnamed sources.

A company official confirmed that China Steel would increase its investment abroad to boost its supply from self-owned mines from two to 30 per cent, but said the financial details were yet to be finalised.

The steelmaker, which has investments in Australia, Brazil and South Korea, has been exploring overseas opportunities in a bid to boost supply amid growing demand.

In 2009, China Steel paid $95 million for a stake in Brazil's Namisa SA, its first investment in a foreign iron ore miner.

China Steel imports about 20 million tonnes of iron ore every year, mainly from Australia and Brazil.