iron ore acquisitions by china, page-6

mr griffin
my apologies, i found it.
it is published in compare share newsletter. i post it again. my apologies for not replying properly after i read your initial post.

AQUISITION
Govt delays China attempt to buy into iron ore miner
June 26, 2008
AAP


The federal government has delayed an attempt by a Chinese company to buy into a West Australian iron ore miner, signalling a tougher approach to Chinese investment.

The Australian newspaper reports that the government has officially prohibited for up to 90 days any move by China's state-owner Sinosteel to acquire a "substantial shareholding" and assets of the $1.5 billion Murchison Metals.

Murchison is a relatively minor player, but it is active in a region east of Geraldton north of Perth.

One of the last major decisions to block significant foreign investment was made in 2001 when the then treasurer Peter Costello rejected Shell's attempt to take over Woodside Petroleum on national interest grounds.

The federal government approved Sinosteel's takeover of iron ore miner midwest earlier this year.

But the government is clearly concerned about Chinese consolidation in the region, the newspaper reports.

China is increasingly trying to buy control of resources such as iron ore and gas.

The Rudd government has urged at least 10 Chinese companies to withdraw foreign investment applications, but Sinosteel has decided to press ahead with the Murchison application, bringing the issue to a head.

The rejection of any immediate move by Sinosteel was formally made through Canberra's Foreign Investment Review Board and published yesterday in the Government Gazette.

Treasurer Wayne Swan's office declined to comment.