here's our buyer..

* David Fickling
* From: Dow Jones Newswires
* April 30, 2010 5:28PM

Good time for zamia to be proving up resources.

HANLONG Mining today said it planned to invest $5 billion in Australian miners as part of a strategy to become a fourth force in the country's iron ore sector that would rival BHP Billiton, Rio Tinto and Fortescue Metals Group.

The Australian subsidiary of Chengdu-based conglomerate Sichuan Hanlong said in a statement today that it had financing from China Development Bank and Export-Import Bank of China to make investments in Australian iron ore assets.

A separate, unspecified amount was available for investments in infrastructure to bring mining products to market, it added.

Last week, Hanlong completed the acquisition of a 57 per cent stake in Moly Mines, a molybdenum miner in Western Australia's Pilbara region.

Hanlong has spoken to about 12 companies in the Pilbara and South Australia about making strategic investments in iron ore and iron alloys, a person familiar with the discussions said.

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Sichuan Hanlong has also acquired a controlling interest in General Moly, a US molybdenum miner.

Molybdenum is commonly used as a steel alloy and to remove sulphur impurities from petroleum products.