chinese also know the value of uranium

* With so much talk of corporate games being played with CMR and the likely hood of an HNC bid, i thought this article highlights the foreward thinking cashed up chinese companies have in securing there resources for the future. Well dont we hold, lead, copper, cobalt and Uranium, question is what price would they bid at 2.5X current market cap ?

SYDNEY (AFP)--Chinese steelmaker Sinosteel has moved to buy into Australia's uranium industry, applying to develop a mine in the outback, a report said Wednesday.

The Australian newspaper said Sinosteel PepinNini Curnamona Management had lodged a minerals claim with the South Australian government, a development that could lead the way to a formal mining lease application.

The news comes as the government of center-left Labor Prime Minister Kevin Rudd faces tough decisions on how much cashed-up Chinese companies can buy into Australia's mineral resource assets.

Sinosteel said its joint venture with PepinNini Minerals (PNN.AU) to develop the AUD160 million ($132.73 million) mine at Crocker Well had been approved by the Foreign Investment Review Board, or FIRB, under the previous government, The Australian said.

It is unclear if further FIRB approval is needed as Sinosteel signed the joint venture after PepinNini Minerals received approval to mine in the area.

In July, Sinosteel won control of Australian iron ore miner Midwest Corp. (MIS.AU), sparking debate about state-controlled Chinese firms buying mining assets so they can directly control the resources needed for the country's industrial expansion.

Sinosteel also has applied to the government to lift its stake in West Australian iron ore miner Murchison Metals Ltd. (MXX.AU).